Input Output Economics: Studies of Leontief's Mathematic / Economic Models

Abstract

The input-output model may be used to predict the economic future. With just two or three educated guesses to modify the technical tables of the model, reasonably accurate results about the future may be found. Although there are many criticisms about this model, mainly because it is non-dynamic, there is much research now to make this model more accurate. As it stands, it is highly adaptable and can be used for many situations, assuming the data collected is adequate to give accurate results. There is a large future in economics for this model, especially if a dynamic model is found. This is definitely one of the most significant models in economics today, and shall stay in league with the best for a long time to come.