Input-Output Framework for Explorations in Theoretical and Empirical Economic Research

By the close of the first quarter of this century the engine of economic analysis appeared to have come to a grinding halt, following the brave failures of the various approaches developed up to that time to explain and predict economic realities. In the realm of pure theory, the work of Leon Walras represented a high water mark. However, Pareto was demonstrating its practical futility. The placid world in which main economic questions bothering the economic experts were of marginal character susceptible to partial analysis with ceteris paribus had been destroyed.