The Nobel Prize was awarded to Wassily Leontief
Wassily Leontief was awarded the Nobel Prize ‘for the development of the input-output method and for its application to important economic problems’. He was a graduate of the Socio-Economic Department of the Faculty of Social Sciences of Petrograd University.
In the 1960s-1970s, the input-output technique developed by Professor Leontief and the analysis of input-output balances were universally recognised in the economic sciences worldwide. The input-output system has found extensive use in statistics. He created a new synthetic direction in economic sciences combining the theory of the functioning of the economy, the method of mathematical modelling, and techniques of systematisation and processing of economic information. He had a significant impact on the development of modern economic sciences, and significantly expanded the practice of analysing and forecasting the development of the economy.
In the preface to the Russian translation of his book Essays in Economics, Professor Leontief recalled the University where he had received his degree in economics: ‘The opportunity to share my thoughts with Soviet scientists in the language in which I listened to lectures and took exams in my student years 70 years ago in the building of the old Collegium of Commerce created by Peter the Great, gives me deep personal satisfaction’. In 1989, during his visit to Russia, Professor Leontief visited his alma mater. In the Petrovsky Hall of Leningrad State University, a ceremony was held to award Professor Leontief the title of honorary doctor of the University.