ABSTRACT
Wassily Leontief introduced the demand-side input-output model in 1936. The 1973 Nobel Prize in Economics went to Leontief for his contribution to the development of input-output accounts and models. Issues of economic structure or sectoral interdependence appear throughout the collection as they are central to input-output analysis as a field. The construction sector was among the mature sectors in US and UK, but this was definitely not the case in Japan, Italy and Turkey. The supply-side model occasionally offers better predictions for the construction sector, as well. The construction sector is especially relevant in the context of economic stability and maturity issues, as it offers an index of economic maturity for entire economies. This led to the notion that the supply-side model could be used to determine not only the maturity of the construction sector itself, but of entire economy of which it was a part. The chapter also provided an overview of the key concepts discussed in this book.
