Leontief paradox

Definition

Economics

  • noun a paradox noted in 1954 by the Russian-born US economist Wassily Leontief, that the USA, in spite of being the world’s richest country, had exports which were more labour-intensive than its imports. The paradox was later resolved by showing that in a country which produces more than two goods the high ratio of capital to labour does not imply that its exports are more labour-intensive than its imports.
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