timelets: (Default)
timelets ([personal profile] timelets) wrote2017-02-09 03:42 pm

(no subject)

Wassily Leontief, Nobel Memorial Lecture, December 11, 1973:

The world economy, like the economy of a single country, can be visualized as a system of interdependent processes. Each process, be it the manufacture of steel, the education of youth or the running of a family household, generates certain outputs and absorbs a specific combination of inputs.

Direct interdependence between two processes arises whenever the output of one becomes an input of the other: coal, the output of the coal mining industry, is an input of the electric power generating sector. The chemical industry uses coal not only directly as a raw material but also indirectly in the form of electrical power. A network of such links constitutes a system of elements which
depend upon each other directly, indirectly or both.


Now, imagine that The Donald in his infinite wisdom decides to renegotiate this network of interdependent processes, both locally and globally. Whatever the outcome, it's going to be interesting.