Simon Kuznets has 33 books on Goodreads with 325 ratings. Simon Kuznets, a Russian-American development economist and statistician, was awarded the 1971 Nobel Memorial Prize in Economics for his research on economic growth. The work of Simon Kuznets is perhaps best represented in his two-volume work entitled National Income and Its Composition, 1919-1938 (1941). . xiii-xvii), which, in Kuznets’ writing, were always the skeleton on which the rest of the book was hung. “Much as one may regret leaving the shelters of the accustomed discipline, it does seem as if an economic theory of economic growth is an impossibility, if by ‘economic’ we mean staying within the limits set by the tools of the economic discipline proper” (Kuznets, 1955, p. 73). Throughout the volume the data analysis is interspersed with theoretical speculation, but the primary emphasis is on quantitative findings about the nature of economic growth. This can be appreciated from scrutinizing the succession of tables in the book (pp. Kuznets, Simon, 1973. An enormous and ever-expanding quantitative data base now exists for the study of modern economic growth. In the first section, the author analyzes the theories of economic growth, such as Schumpeter’s, Lewis’s and Rostow’s theory. For most scholars in the field today — economic historians and economic theorists alike — these data both define the object of study and provide the testing ground for theory. For example, carbon emissions have steadily risen for both developed and developing economies. Kuznets’ study of economic growth thus reflects the disciplinary categories of economics, and contrasts with the standard organization of economic history texts even to the present time, which typically shortchange topics such as consumption, income distribution, and population. In this, Kuznets’ methodology in Modern Economic Growth contrasts with the practice — frequent in his day and even more common now — of inferring historical trends from cross sectional data. Kuznets is credited with revolutionising econometrics, and this work is credited with fueling the so-called Keynesian revolution". On the web at http://www.worldbank.org/data. Simon Kuznets, a Russian-American economist, set the standard for national income accounting that helped advance ideas of Keynesian economics and the study of econometrics. Essays reprinted from the author's Economic growth and structure.. Click Get Books for free books. And in a subject where sweeping ideological prescriptions for reform abound, Kuznets was both in words and example a passionate believer in the ultimate value of science. Economic historians responded to this challenge by advocating industrialization, basing their arguments on the historical experience of the handful of countries that accounted for the bulk of their research — the United Kingdom, United States, Germany, France, Russia and Japan. After a certain income level is reached, inequality declines as a welfare state takes hold. “Quantitative Aspects of the Economic Growth of Nations,” ten long papers published either in, or as supplements to, Economic Development and Cultural Change. These changes undermine the pre-existing political structure of a country and necessitate adaptation to the new economic realities imposed by modern economic growth. Fortunately the private nonprofit Social Science Research Council (SSRC) was more farseeing, and responded by establishing a Committee on Economic Growth, with Kuznets as chairman. When he defined the concept, Kuznets himself suggested that there was much more work to be done and data to be collected in order to conclusively prove the relationship between economic development and inequality. Kuznets’ experience in developing alternative approaches to the measurement of national income — by type of product, industry, factor share, and size of income — and his study of demographers’ work on population and labor force and their components of change led to a much more comprehensive undertaking. Economies undergoing rapid economic growth also experience disproportionate expansion of international trade, and throughout the world — developed and less developed alike — economic interdependence grows greatly. economic growth across countries during the last 30 years or so has displayed dual divergence between developed and developing countries and among developing ... again 1 the author is grateful to ture manufacturing and services kuznets listed structural transformation as one of the six main features of modern economic growth Increase in Per Capita Product: Prof. Kuznets in his study Modern Economic Growth has pointed out that substantial rates of population growth in Europe […] It is noteworthy that in Modern Economic Growth Kuznets relies for his generalizations on historical time series, whereas his papers in Economic Development and Cultural Change included current international cross sectional data as well as time series. Although comparative study had been advocated as early as the mid-nineteenth century by the German Historical School (Ashley 1900), with whose work Kuznets was familiar, it had gone nowhere, largely because of failure to establish a systematic method of study. d. the rate of growth. Gunnar Myrdal was a Swedish economist and sociologist who won the 1974 Nobel Memorial Prize in Economics alongside Austrian economistÂ Friedrich Hayek. Simon Kuznets set the standard for national income accountingâfunded by the nonprofit National Bureau of Economic Research. 31-37. World Bank, 2001. Further Reading on Simon Kuznets. Kuznets maintained the impossibility of a purely economic theory of growth. The productive sectors—agriculture, industry and services—are pillars of growth and enablers to the dream of India’s US$ 5 trillion economic target. Maddison, Angus, 1995. Kuznets also recognizes the existence of variability among countries and the importance of knowing about the history and culture of each. Simon Kuznets. The basic organization of Kuznets’ Modern Economic Growth parallels the theoretical structuring of economic study in Alfred Marshall’s Principles of Economics and harkens back to John Stuart Mill’s Principles of Political Economy — production, allocation of resources, income distribution, consumption, and external relations. Contrary to those who stress the importance — positive or negative — of indigenous conditions, Kuznets presents evidence of the unusually high rates of output growth and similar shifts in resource allocation common to all countries undergoing economic development. This proposal was first presented to the National Bureau of Economic Research (NBER) as a new initiative in its empirical studies, but was turned down by Arthur F. Burns on the grounds that it would divert the Bureau from its primary focus on the United States. But his data for the first time demonstrate conclusively what has now come to be widely accepted — that in its broad contours the economic system of all countries undergoing modern economic growth changes in a dramatic and quite similar way. Mitchell, B.R., 1975. But according to Kuznets, social mobility increases again once a certain level of income was reached in âmodernâ industrialized economies, as the welfare state takes hold. “Roscher’s Programme of 1843” in W.J. Empirical evidence of Kuznets curve has been mixed. tend to claim validity far beyond the limits that would be revealed by an empirical test” (Kuznets 1955, p. 76). . Economists have long believed that economic growth alone would suffice to resolve the problems of inequality and poverty. Some ascribe it to cultural quirks. “Toward a Theory of Economic Growth,” in Robert Lekachman, National Policy for Economic Welfare at Home and Abroad. 3 Kuznets' inverted-U hypothesis a. implies that things must get worse before they get better. The series Simon Kuznets, 1901-1985 Faculty members of the Economic Growth Center at Yale founded the Simon Kuznets Memorial Lecture Series in 1986. More about this item Modern Economic Growth: Rate, Structure, and Spread is the fulfillment of a vision that redefined the study of economic growth. To join the newsletters or submit a posting go to, Modern Economic Growth: Rate, Structure and Spread, Economic Development, Growth, and Aggregate Productivity. This stems, not from a rejection of theory, but from his concern about the historical relativity of prevailing economic theory. Such changes, Kuznets emphasizes, all require an uprooting of the population — internal migration and occupational mobility at a rate never before witnessed. 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