Wassily Leontief was a Russian-American economist who earned the 1973 Nobel Prize in Economics for his research in input-output analysis. He was also credited with devising the Leontief Paradox and the Composite Commodity Theorem.

Leontief was born in 1906 in Germany to Russian parents. After attending the University of Leningrad, he immigrated to the United States in 1932. Once he was in the US, he enrolled at the New School for Social Research, earning his master’s degree in 1934 and his PhD in 1936.

Leontief first explored the “input-output” approach to studying economics in his 1933 dissertation. The idea behind input-output analysis is that a country’s economy is a “closed system” - it produces goods and services requiring certain inputs (such as labor, equipment, or resources). Analyzing this closed system provides insight into the overall efficiency and productivity of the economy.

Leontief is also known for his paradox, which states that a country’s exports might not be goods that the country had a comparative advantage in producing. He postulated that their exports may in fact be goods where the country held a comparative disadvantage. Leontief’s paradox revealed the complexity and dynamic nature of economics and inspired further research in the field.

Leontief became a professor at Harvard University in 1947 and held that position until his death in 1999. He was also a founding contributor to the World Model project, a system of computer models meant to help economic and social decision making on a global scale.

Leontief made a huge impact on the world of economics during his lifetime. He was the first ever Russian to win the Nobel Prize in Economics and his research continues to be of great importance in modern day economics. His input-output analysis, Leontief Paradox, and Composite Commodity Theorem all give us a greater understanding of the complexities of how economies function.