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1 results

  • 2 - Foundations of Input–Output Analysis

  • Ronald E. Miller, University of Pennsylvania, Peter D. Blair
  • Book:
    Input-Output Analysis
    Published online:
    06 January 2022
    Print publication:
    13 January 2022, pp 10-62

  • Summary

    Chapter 2 introduces Leontief’s conceptual input–output framework and explains how to develop the fundamental mathematical relationships from the interindustry transactions table. The key assumptions associated with the basic Leontief model and implications of those assumptions are recounted and the economic interpretation of the basic framework is explored. The basic framework is illustrated with a highly aggregated model of the US economy. In addition, the “price model” formulation of the input–output framework is introduced to explore the role of prices in input–output models. Appendices to this chapter include a fundamental set of mathematical conditions for input–output models, known as the Hawkins–Simon conditions.