The Second Leontief Paradox: Economic Theory or Economic Engineering?

U. A. Parkhimenka ()

Voprosy Ekonomiki, 2024, issue 2

Abstract: The article analyzes the situation, conventionally called the "Second Leontief Paradox", when a recognized scientist, Nobel laureate and undisputed authority in the academic environment, it turns out, has practically no place in modern economic theory - neither within the "mainstream" nor in unorthodox directions. This paradox is considered in the context of four questions: (1) does Leontief have a “theory” at all; (2) to which theoretical school Leontief belongs or at least gravitates; (3) what is the main factor in the formation of the paradox under consideration; (4) what are the prospects for Leontief's approach in macroeconomics. To understand this paradox, it is proposed to use the terms introduced by G. Mankiw - an economist as a scientist and an economist as an engineer. It is concluded that there is still a gap between "theory" and "engineering" in economics. It is assumed that such a gap, including in connection with the rapid growth of a large amount of economic data and universal digitalization, may gradually decrease.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2024:id:4608

DOI: 10.32609/0042-8736-2024-2-84-102

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