Wassily Leontief in the context of "Leontief production function"

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👉 Wassily Leontief in the context of Leontief production function

In economics, the Leontief production function or fixed proportions production function is a production function that implies the factors of production which will be used in fixed (technologically predetermined) proportions, as there is no substitutability between factors. It was named after Wassily Leontief and represents a limiting case of the constant elasticity of substitution production function.

For the simple case of a good that is produced with two inputs, the function is of the form

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