Output in economics is the "quantity of goods or services produced in a given time period, by a firm, industry, or country,"^[1] whether consumed or used for further production.^[2] The concept of national output is absolutely essential in the field of macroeconomics. It is national output that makes a country rich, not large amounts of money. ^[3]

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Definition[link]

The result of an economic process that has used inputs to produce a product or service that is available for sale or use somewhere else.

Net output, sometimes called netput is a quantity, in the context of production, that is positive if the quantity is output by the production process and negative if it is an input to the production process.

Several different methods of measuring output are utilized.

Measuring National Output[link]

Calculating GDP(Gross Domestic Product) is the most popular measure of national output. The main challenge in using this method is how to avoid counting the same product more that once. Logically, the total output should be equal to the value of all goods and services produced in a country, but in counting every good and service, one actually ends up counting the same output again and again, at multiple stages of production. One way of tackling the problem of over counting is to, consider only value addition i.e. the new output created at each stage of production.

Illustration: To illustrate, we can take a dressmaker who purchases a dress material for say 500 rupees and then she stitched and put final touches on the dress. She then sold the dress for 800 rupees( her costs of finishing the dress were say 150 rupees) We can then say that she added 150 rupees worth of output to the dress as contrary to that she produced 800 rupees worth of output. So value addition is equal to the sales price of a good or service minus all the non labour costs used to produce it.

To avoid the issue of over counting, one can also focus entirely on final sales. Where though not directly but implicitly all prior stage of output creation are accounted for.

Even though both methods are widely acknowledged to be accurate, the second method is known as the expenditure method is used more widely, and is the standard method of calculation of GDP in most countries. The logic behind using the expenditure method is that if all the expenditures on final goods are added up, the sum should total the total production because the every produced good is eventually produced in some form or the other.

In both these methods, one has to be wary of the fact that consumption includes all spending by households, business investment does not include all spending by firms, because if it did this would result in massive double counting because many of the things firms buy are processed and resold to consumers. as a result investment only includes expenditures on output that is not expected to be used up in the short run.

Another possible way in which one may over count is if imports are involved. If a foreign individual or firm bought a product of some other country, i.e. if say an American firm bought a Cambodian maufactured good, then this expenditure cannot be counted in the consumer expenditures in American GDP since the output being purchased is foreign. To correct this issue, imports are eliminated from GDP.

Taking all this into Account, we see that

National Output(GDP)=C+I+G+X-M

A third way to calculate national output is to focus on income. In this method, we look at income which is paid to factors of production and labour for their services in producing the output. This is usually paid in the form of wages and salaries, it can also be paid in the form of royalties, rent, dividends etc. Because income is a payment for output, it is assumed that total income should eventually be equal to total output.^[4]

Output Condition[link]

The output condition for producers is the level of set so that the price of each good equals the marginal cost of that good. i.e.

MC₁\MC₂=P₁\P₂

From the equation we can see that the ratio of the marginal costs of the final goods is equal to their price ratio. one may also deduce the ratio of marginal costs as the slope of the Production–possibility frontier which would give the rate at which society can transform one good into a another.

Exchange of Output among Nations[link]

Exchange of output between two countries is a very common occurrence, there is always trade taking place between different nations of the world. For example, a country like Japan may trade its electronics with Germany for German made cars. If the value of the trades being made by both the countries is equal at that point of time, then their trade accounts would be balanced. i.e. the exports would be exactly equal to imports in both the countries. ^[5]

Fluctuations in Output[link]

In macroeconomics, the question of why national output fluctuates is a very critical one. And though no one answer has been come up with, there are some factors which economists agree on which makes output go up and down. If we take growth into consideration, then most economists will agree that there are three basic sources for economic growth i.e. increases in labour, increase in capital and increase in efficiency of the factors of production. Just like increases in inputs of factors of production can cause output to go up, just like that, anything that causes labour, capital or efficiency to go down will cause a decline in output or at least a decline in its rate of growth.

See also[link]

• Gross domestic product
• Measures of national income and output
• List of countries by sector output

Notes[link]

This article or section lacks a single coherent topic. Please help improve this article by rewording sentences or removing irrelevant information. Specific concerns may appear on the talk page. (October 2010)

Output is the term denoting either an exit or changes which exit a system and which activate/modify a process. It is an abstract concept, used in the modeling, system(s) design and system(s) exploitation.

Types of output[link]

In control theory[link]

In control theory, the outputs of a system are what can be measured. Specifically, outputs are differentiated through many states.

In engineering[link]

In engineering the term output can refer to:

1. The power or work output of a machine.
2. An observable output, such as distance moved or velocity, of a mechanical system.

In equity theory[link]

In equity theory, output is the benefits that an employee receives, including money, perquisites, power, status, fame or variety.

In human-computer interaction[link]

In human–computer interaction, output is information produced by the computer program and perceived by the user. The kinds of output the program makes, and the kinds of input the program accepts, define the user interface of the program. In this context, feedback and output are often used interchangeably. However, output tends to refer specifically to explicit output, something that is intentionally provided for the user, whereas feedback also encompasses byproducts of operation that happen to contain information (see low-key feedback).

In information processing[link]

In information processing, output is the process of transmitting information or the transmitted information itself. The output of one process may well form the input for another information processor. Essentially, output is any data leaving a computer system. This could be in the form of printed paper, audio, video. In the medical industry this might include CT scans or x-rays. Typically in computing, data is entered through various forms (input) into a computer, the data is often manipulated, and then information is presented to a human (output).

Economics[link]

In economics, output is the amount of goods and services by a firm, industry, or country. A distinction is drawn between Gross Output and Net output.

In telecommunications[link]

In telecommunication, the term output can refer to:

1. Information retrieved from a functional unit or from a network, usually after some processing.
2. An output state, or sequence of states.
3. Pertaining to a device, process, or channel involved in the production of data by a computer or by any of its components.^[1]

See also[link]

Look up output in Wiktionary, the free dictionary.

• Input (disambiguation)
• Input/output
• Gross Output
• Net output

References[link]

This article relies on references to primary sources or sources affiliated with the subject, rather than references from independent authors and third-party publications. Please add citations from reliable sources. (November 2008)

Wassily Wassilyovich Leontief (Russian: Васи́лий Васи́льевич Лео́нтьев; August 5, 1906, Munich, Germany – February 5, 1999, New York),^[2] was a Russian-American economist notable for his research on how changes in one economic sector may have an effect on other sectors. Leontief won the Nobel Committee's Nobel Memorial Prize in Economic Sciences in 1973, and three of his doctoral students have also been awarded the prize (Paul Samuelson 1970, Robert Solow 1987, Vernon L. Smith 2002).

Biography[link]

Early life[link]

Wassily Leontief was born on August 5, 1905, in Munich, Germany, the son of Wassily W. Leontief (professor of Economics) and Slata (later Evgenia, called Genya) Leontief (née Becker).^[3] W. Leontief, Sr., belonged to a dynasty of old-believer merchants living in St. Petersburg since 1741.^[4] Genya Becker belonged to a wealthy Jewish family from Odessa. At 15 in 1921, Wassily, Jr., entered University of Leningrad in present day St. Petersburg. He earned his Learned Economist degree (equivalent to Master of Arts) in 1924 at the age of 19.

Opposition in USSR[link]

Leontief sided with campaigners for academic autonomy, freedom of speech and in support of Pitirim Sorokin. As a consequence, he was detained several times by the Cheka. In 1925, he was allowed to leave the USSR, mostly because the Cheka believed that he was mortally ill with a sarcoma, a diagnosis that later proved false.^[5] He continued his studies at the University of Berlin and, in 1928 earned a Ph.D. degree in economics under the direction of Werner Sombart, writing his dissertation on Circular Flows in Economics.

Early professional life[link]

From 1927 to 1930, he worked at the Institute for the World Economy of the University of Kiel. There he researched the derivation of statistical demand and supply curves. In 1929, he traveled to China to assist its ministry of railroads as an advisor.

In 1931, he went to the United States and was employed by the National Bureau of Economic Research.

During World War II, Leontief served as consultant at the U. S. Office of Strategic Services.

Affiliation with Harvard[link]

Leontief joined Harvard University's department of economics in 1932 and in 1946 became professor of economics there.

Around 1949, Leontief used the primitive computer systems available at the time at Harvard to model data provided by the U.S. Bureau of Labor Statistics to divide the U.S. economy into 500 sectors. Leontief modeled each sector with a linear equation based on the data and used the computer, the Harvard Mark II, to solve the system, one of the first significant uses of computers for mathematical modeling.^[6]

Leontief set up the Harvard Economic Research Project in 1948 and remained its director until 1973. Starting in 1965, he chaired the Harvard Society of Fellows.

Affiliation with New York University[link]

In 1975, Leontief joined New York University and founded and directed the Institute for Economic Analysis.

Personal[link]

In 1932, Leontief married poet Estelle Marks. Their only child, Svetlana Leontief Alpers, was born in 1936.

As hobbies Leontief enjoyed fly fishing, ballet, and fine wines. He vacationed for years at his farm in West Burke, Vermont, but after moving to New York in the 1970s moved his summer residence to Lakeville, Connecticut.

Leontief died in New York City on Friday, February 5, 1999 at the age of 93. His wife died in 2005.

Major contributions[link]

This section of a biographical article needs additional citations for verification. Please help by adding reliable sources. Contentious material about living persons that is unsourced or poorly sourced must be removed immediately, especially if potentially libelous or harmful. (December 2010)

Leontief is primarily associated with the development of the linear activity model of General equilibrium and the use of input-output analysis that results from it^{[not verified in body]}. He has also made contributions in other areas of economics, such as international trade where he documented the Leontief paradox. He was also one of the first to establish the composite commodity theorem^{[not verified in body]}.

Leontief earned the Nobel Prize in economics for his work on input-output tables. Input-output tables analyze the process by which inputs from one industry produce outputs for consumption or for inputs for another industry. With the input-output table, one can estimate the change in demand for inputs resulting from a change in production of the final good. The analysis assumes that input proportions are fixed; thus the use of input-output analysis is limited to rough approximations rather than prediction. Input-output was novel and inspired large-scale empirical work; in 2010 its iterative method was recognized as an early intellectual precursor to Google's PageRank.^[7][8][9]

Leontief used input-output analysis to study the characteristics of trade flow between the U.S. and other countries, and found what has been named Leontief's paradox; "this country resorts to foreign trade in order to economize its capital and dispose of its surplus labor, rather than vice versa"^{[cite this quote]}, i.e., U.S. exports were relatively labor-intensive when compared to U.S. imports^{[citation needed]}. This is the opposite of what one would expect, considering the fact that the U.S.'s comparative advantage was in capital-intensive goods. According to some economists^[who?], this paradox has since been explained as due to the fact that when a country produces "more than two goods, the abundance of capital relative to labor does not imply that the capital intensity of its exports should exceed that of imports."^{[cite this quote]}

Leontief was also a very strong proponent of the use of quantitative data in the study of economics. Throughout his life Leontief campaigned against "theoretical assumptions and nonobserved facts"^{[cite this quote]}. According to Leontief, too many economists were reluctant to "get their hands dirty" by working with raw empirical facts^{[citation needed]}. To that end, Wassily Leontief did much to make quantitative data more accessible, and more indispensable, to the study of economics^{[according to whom?]}.

Publications[link]

• 1925:“Balans Narodnogo Chozjajstva SSR” in Planovoe Chozjajstvo translated into Italian in Spulber N.(Ed.) as “Il Bilancio dell’economia nazionale dell’URSS.“ in La Strategia Sovietica per Sviluppo Economico 1924-1930, Giulio Einaudi editore, Torino [discussing the Soviet “Balance of the National Economy”, 1923-4]
• 1928: Die Wirtschaft als Kreislauf, Tübingen: Mohr: re-published as The economy as a circular flow, pp. 181-212 in: Structural Change and Economic Dynamics, Volume 2, Issue 1, June 1991.
• 1941: Structure of the American Economy, 1919-1929
• 1953: Studies in the Structure of the American Economy
• 1966: Input-Output Economics
• 1966: Essays in Economics
• 1977: Essays in Economics, II
• 1977: The Future of the World Economy
• 1983: Military Spending: Facts and Figures, Worldwide Implications and Future Outlook co-authed with F. Duchin.
• 1983: The Future of Non-Fuel Minerals in the U. S. And World Economy co-authed with J. Koo, S. Nasar and I. Sohn
• 1986: The Future Impact of Automation on Workers co-authed with F. Duchin

Awards[link]

• 1953: Order of the Cherubim, University of Pisa
• 1962: Dr honoris causa, University of Brussels
• 1967: Dr of the University, University of York
• 1968: Officer of the French Légion d'honneur
• 1970: Bernhard-Harms Prize Economics, West Germany
• 1971: Dr honoris causa, University of Louvain
• 1972: Dr honoris causa, University of Paris (Sorbonne)
• 1973: Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel, aka Nobel Prize in Economics
• 1976: Dr honoris causa, University of Pennsylvania
• 1980: Dr honoris causa, University of Toulouse, France
• 1980: Dr honoris causa, University of Louisville, Kentucky
• 1980: Doctor of Social Sciences, University of Vermont
• 1980: Doctor of Laws, C. W. Post Center, Long Island University
• 1980: Russian-American Hall of Fame
• 1981: Karl Marx University, Budapest, Hungary
• 1984: Order of the Rising Sun, Japan
• 1985: Commandeur, French Order of Arts and Letters
• 1988: Dr honoris causa, Adelphi College
• 1988: Foreign member, USSR Academy of Sciences
• 1989: Society of the Optimate, Italian Cultural Institute, New York
• 1990: Dr honoris causa, University of Córdoba, Spain
• 1991: Takemi Memorial Award, Institute of Seizon & Life Sciences, Japan
• 1995: Harry Edmonds Award for Life Achievement, International House, New York
• 1995: Dr honoris causa, Humboldt University, Berlin, Germany
• Award of Excellence, The International Center in New York

In Honor[link]

The Global Development and Environment Institute at Tufts University awards the Leontief Prize in Economics each year in his honor.

Memberships[link]

• 1954: President of the Econometric Society
• 1968: Corresponding Member of the Institut de France
• 1970: President of the American Economic Association
• 1970: Corresponding Fellow of the British Academy
• 1974: US-USSR Commission on the Social Sciences and Humanities of the International Research and Exchanges Board
• 1975: American Committee on East-West Accord
• 1975: Accademia Nazionale dei Lincie, Italy
• 1976: President and Section F. of the British Association for the Advancement of Science
• 1976: Honorary Member of the Royal Irish Academy
• 1977: Fellow of the American Association for the Advancement of Science
• 1978: Commission to Study the Organization of Peace
• 1978–1986: Board of Trustees of North Carolina School of Science and Mathematics
• 1979: Century Club
• 1979: Issues Committee of the Progressive Alliance
• 1980: Committee for National Security
• 1981: Board of Visitors, College of Liberal Arts, Boston University
• 1981: Board of Editors, Journal of Business Strategy
• 1982: International Advisory Council of the Delian Institute of International Relations
• 1982: Accademia Mediterranea Delle Scienze, Italy
• 1983: Board of Advisors, Environmental Fund
• 1983: Board of Directors, Tolstoy Foundation
• 1985: International Committee, Carnegie Mellon University
• 1990: Academy of Creative Endeavors, USSR
• 1992: International Charitable Foundation, Russia
• 1993: Academie Europeenne
• 1993: Honorary President of the World Academy for the Progress of Planning Science, Italy
• 1993: Member of the Academie Universelle des Cultures, France
• 1994: Fellow of the New York Academy of Sciences
• 1995: Member of the International Leadership Center on Longevity & Society, Mt. Sinai Hospital
• American Philosophical Society
• American Academy of Arts and Sciences
• International Statistical Institute
• Honorary Member of the Japan Economic Research Center, Tokyo
• Honorary Fellow of the Royal Statistical Society, London
• Trustee of Economists for Peace and Security

Quotes[link]

* We move from more or less plausible but really arbitrary assumptions, to elegantly demonstrated but irrelevant conclusions.

* The role of humans as the most important factor of production is bound to diminish in the same way that the role of horses in agricultural production was first diminished and then eliminated by the introduction of tractors.^[10]

See also[link]

• List of economists
• List of Jewish Nobel laureates
• Input-output model

References[link]

• Lay, David C. (2003). Linear Algebra and Its Applications, Third Edition. Addison Wesley. ISBN 0-201-70970-8. 

External links[link]

• Autobiography
• Information from www.biograph.comstar.ru
• Information from cepa.newschool.edu
• Information from www.econlib.org
• Information from www.iioa.org
• Article by James K. Galbraith
• Interview with W.Leontief by S.A.Kalyadina (Russian)
• IDEAS/RePEc

This article may require copy editing for grammar, style, cohesion, tone, or spelling. You can assist by editing it. (February 2012)

Max Keiser
Max Keiser in a London taxi
Born	Timothy Maxwell Keiser (1960-01-23) January 23, 1960 (age 52) New Rochelle, New York
Education	NYU
Occupation	Journalist
Notable credit(s)	Hollywood Stock Exchange, People & Power, The Oracle with Max Keiser, Karmabanque
Relatives	German and Scottish Ancestry, Hugh Maxwell, V 1777-1860
Website
http://maxkeiser.com

Timothy Maxwell "Max" Keiser (born January 23, 1960) is an American broadcaster and film-maker. He hosts Keiser Report, a financial program broadcast on RT (formerly Russia Today).^[1] Keiser also anchors On the Edge, a program of news and analysis hosted by Iran's Press TV.^[2] He hosted the New Year's Eve special, The Keiser's Business Guide to 2010 for BBC Radio 5 Live.^[3] Keiser presented a season of The Oracle with Max Keiser on BBC World News. Previously he produced and appeared regularly in the TV series People & Power on the Al-Jazeera English network. He also presents a weekly show about finance and markets on London's Resonance FM, as well as writing for The Huffington Post.^[4]

In addition to his broadcasting work Keiser is known for his invention of "Virtual Specialist Technology", a software system used by the Hollywood Stock Exchange.

Early career[link]

Keiser has been involved with markets and finance for 25 years. He started his career as a stock broker on Wall Street after graduating from New York University.

Hollywood Stock Exchange[link]

Keiser is the creator, co-founder and former CEO of HSX Holdings/Hollywood Stock Exchange, later sold to Cantor Fitzgerald.^[5] Alongside Michael R. Burns, he co-created the Hollywood Stock Exchange, ^[6] which allows traders to exchange virtual securities, such as "MovieStocks" and "StarBonds", with convertible virtual currency, the Hollywood Dollar.

Keiser is also the co-founder of HSX films, which went on to make almost a dozen films including Mixed Signals, Six-String Samurai, Dancer, Texas Pop. 81 and Girl. The company was bought by Ignite Entertainment/Lionsgate.

Broadcasting career[link]

Keiser presented Rumble at the Box Office^[7] for NBC's Access Hollywood. He also produced and hosted the weekly talk show Buy, Sell, Hold for CBS radio's KLSX in Los Angeles. Currently, he presents The Truth About Markets on Resonance 104.4 FM in London and on RDU 98.5 in Christchurch, New Zealand.

[edit] People & Power

Keiser produced ten short documentary films covering aspects of financial markets for Al Jazeera's series People & Power.^[8] The films include Rigged Markets,^[9] Money Geyser,^[10] Death of the Dollar,^[11] Peaked,^[12] Extraordinary Antics,^[13] Savers vs Speculators,^[14] Banking On It,^[15] Private Finance or Public Swindle?^[16] and Focus on Locusts.^[17]

[edit] The Oracle with Max Keiser

A pilot episode was produced for Al-Jazeera English titled The Oracle. This was developed into a series for BBC World News.^[18] The series first aired on 9 January 2009 and ran for ten episodes. It explored financial current affairs from the perspective of prediction markets. It was intended to be a humorous take on financial news before it happens.

[edit] On The Edge

A weekly financial commentary show which started in 2009 and is broadcast on Press TV, featuring interviews with well known alternative economists.^[19]

[edit] The Keiser Report

Since September 2009, Keiser has hosted The Keiser Report with financial news and analysis, on the RT network. The 30-minute program is produced three times a week. Stacy Herbert is the co-host and banters with Max on headlines and commentary.^[20]

An episode broadcast in September 2011 featured an interview with comedienne Rosanne Barr who stated that her solution to the financial crisis was to "bring back the guillotine".^[21]

Financial punditry[link]

Keiser has appeared as a financial pundit on a number of news networks. Keiser called for a "fatwā" against Hank Paulson^[22] on Al Jazeera in response to the Troubled Asset Relief Program (TARP). In a later broadcast Keiser said "Paulson stinks".^[23] Keiser has advised investors to buy silver bullion and physical silver, promoting the metal as a store of value.

Activism[link]

Karmabanque[link]

Keiser founded the hedge fund Karmabanque, which sought to profit from any decline in equity-value of companies that are susceptible to boycott from environmental groups.^[24] The hedge fund's progress was followed monthly in The Ecologist magazine.^[25] Its targets included Coca-Cola^[26] and McDonald's.

The Karmabanque hedge fund project was designed to simultaneously short-sell companies while funnelling profits into environmental and ethical-business pressure groups which further act to drive down the price. Describing the project Keiser stated, "The Internet allows people, activists, from all over the world to gather, or swarm, and hit a company where it hurts most - in their stock price".^[27]

Extraordinary Antics[link]

In the Al-Jazeera short film Extraordinary Antics,^[28] Keiser travelled to Milan and Venice to find out how CIA station chief Robert Seldon Lady and his fellow CIA agents spent $500,000 on a procedure known as extraordinary rendition - a practice which is illegal and caused an Egyptian citizen, who had been granted asylum in Italy, to be abducted in order to face torture in Cairo.

The CIA was prosecuted for the case and Mr. Lady was found guilty in a Milan court. He was sentenced on 9 November 2009 to nine years in prison according to the Guardian.^{[citation needed]} This verdict was upheld on appeal. The US refuses to extradite Mr. Lady to Italy.^[29]

Crash JP Morgan - buy silver[link]

Max Keiser has labeled JPMorgan "the biggest financial terrorist on Wall St" in relation to their alleged manipulation of the price of silver.^[30] Keiser started a campaign called "Crash JP Morgan - buy silver",^[31][32][33] whereby people buy silver, thus raising its price and leaving JPMorgan with a huge short position to cover, the margin of which are collateralized by JPMorgan's own stock price, bankrupting itself. Based on the collateralization of silver by the price of its shares and his allegation that JPMorgan's position is an overwhelmingly large naked short position, Keiser predicted that the a per-ounce silver price exceeding JPMorgan's stock price will not only crash JPMorgan but unsettle the underpinnings of the dollar, which he claims are essentially confetti.

Adweek magazine described Keiser as "the most visible character in an underground movement that has spurred hundreds of blog posts and videos, and played some small part in driving up the price of precious metals".^[34] However, Keiser's prediction that JPMorgan would go bust if silver hit 47 dollars has failed to materialise, drawing criticism from the financial community.

Criticism[link]

• The Guardian newspaper, in an item titled "Mad Max", described Keiser's Karmabanque hedge fund as a "fantastical scheme" and accused him of trying to exist "beyond the normal forces and controls of society".^[35]

• Keiser drew criticism at the 2000 ShowBiz Expo in Las Vegas when he said of media content that "Everything is inescapably going to a price point called free". In response Kevin Tsujihara, executive V.P. of New Media at Warner Bros., commented that "Piracy.com" will be the victor if superior content is available on sites supported by advertisements.^[36]

• In 2005 Steven Milloy, the "Junk Science" commentator, demanded that Keiser be removed from the panel of the Triple Bottom Line Investing conference, where he was scheduled to appear. Milloy accused Keiser of making threats against his organization^[37] and petitioned sponsors Calvert Investments and KLD Research & Analytics to withdraw from the project.^[38] Robert Rubenstein, founder of conference organiser Brooklyn Bridge, stated that Keiser's comments "do not constitute a threat to person or property and are not related to the conference or the content that will be presented there".

• Referring to Keiser's Karmabanque project, a spokeswoman for Ryanair said, "Since they put Ryanair on their list our share price has gone up by 10%. We are always delighted to be part of a list which includes Coca-Cola, Starbucks and Wal-Mart".^[39] However, on the same day The Hindu published an article in which Howard Millar, Ryanair deputy chief executive, admitted that his company may be vulnerable to environmental pressure groups, stating, "I am concerned that there is a continuing media campaign and the concern is that people might say 'maybe I will not fly on holiday and maybe I will make a different choice'".^[40]

See also[link]

Biography portal

• Error account - a term often mentioned by Max Keiser
• Central bank or Reserve bank
• Gold standard - where paper currency is backed up by the value of gold
• Hollywood Accounting

References[link]

External links[link]

• MaxKeiser.com Max Keiser's website
• chaostheorien.de Interview with Max Keiser at chaostheorien.de