Simon Kuznets quotes

Simon Kuznets was an American economist renowned for his pioneering work in the measurement of economic growth and national income. His research laid the foundation for modern economic statistics and contributed significantly to development economics. He received the Nobel Prize in Economic Sciences for his empirical work on economic growth. Here are 18 of his quotes:

The welfare of a nation can scarcely be inferred from a measurement of national income. (Simon Kuznets)
The rural and urban populations does not necessarily drift downward in the process of economic growth: indeed, there is some evidence to suggest that it is stable at best, and tends to widen because per capita productivity in urban pursuits increases more rapidly than in agriculture. View quote
Simon Kuznets
The central theme of this paper is the character and causes of long-term changes in the personal distribution of income. Does inequality in the distribution of income increase or decrease in the course of a country's economic growth? What factors determine the secular level and trends of income inequalities? View quote
Simon Kuznets
we need far more empirical study than we have had so far of the universe of inventors; any finding concerning inventors... would be of great value... for public policy in regard to inventive activity. View quote
Simon Kuznets
The paper is perhaps 5 per cent empirical information and 95 per cent speculation, some of it possibly tainted by wishful thinking. View quote
Simon Kuznets
[An] epochal innovation [consisting of the] spreading application of science to processes of production and social organization. View quote
Simon Kuznets
The inescapable conclusion is that the direct contribution of man-hours and capital accumulation would hardly account for more than a tenth of the rate of growth in per capita product - and probably less. The large remainder must be assigned to an increase in efficiency in the productive resources, or the effects of changing arrangements, or to the impact of technological change, or to all three. View quote
Simon Kuznets
Distinctions must be kept in mind between quantity and quality of growth, between its costs and return, and between the short and the long term. Goals for more growth should specify more growth of what and for what. View quote
Simon Kuznets
[The principal characteristic of this economic epoch is] a sustained increase in per capita or per worker product, most often accompanied by an increase in population and usually sweeping structural changes. View quote
Simon Kuznets
A country's economic growth may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population, this growing capacity based on advancing technology and the institutional and ideological adjustments that it demands. View quote
Simon Kuznets
Does inequality in the distribution of income increase or decrease in the course of a country's economic growth? (Simon Kuznets)
The dynamic drives of modern economic growth, in the countries that entered the process ahead of others, meant a reaching out geographically; and the sequential spread of the process, facilitated by major changes in transport and communication, meant a continuous expansion to the less developed areas. View quote
Simon Kuznets
Mass application of technological innovations, which constitutes much of the distinctive substance of modern economic growth, is closely connected with the further progress of science, in its turn the basis for additional advance in technology. View quote
Simon Kuznets
Success in war and preservation of a country's social framework as a purpose at least equal in importance to welfare of individuals. View quote
Simon Kuznets
The very fact that after a while, an increasing proportion of the urban population was "native," i. e., born in cities rather than in the rural areas, and hence more able to take advantage of the possibilities of city life in preparation for the economic struggle, meant a better chance for organization and adaptation, a better basis for securing greater income shares than was possible for the newly "immigrant" population coming from the countryside or from abroad. View quote
Simon Kuznets
Memorable occasions should be brief, and so should be the expressions of appreciation. View quote
Simon Kuznets
Economists must always be prepared for surprises: they find many in trying to find order in the universe of their study. View quote
Simon Kuznets
GDP! The right concept of economy-wide output, accurately measured. The U.S. and the world rely on it to tell where we are in the business cycle and to estimate long-run growth. It is the centerpiece of an elaborate and indispensable system of social accounting, the national income and product accounts. This is surely the signal innovative achievement of the Commerce Department in the 20th century. I was fortunate to become an economist in the 1930's when Kuznets, Nathan, Gilbert, and Jaszi were creating this most important set of economic time series. In economic theory, macroeconomics was just beginning at the same time. Complementary, these two innovations deserve much credit for the improved performance of the economy in the second half of the century. View quote
Simon Kuznets

Simon Kuznets

Simon Kuznets - Image
Occupation: American Economist
Born: April 30, 1901
Died: July 8, 1985
Quotes count: 18
Wikipedia: Simon Kuznets