Simon Kuznets


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Kuznets, Simon

 

Born Apr. 30, 1901, in Kharkov. American economist, doctor of economics (1926).

Kuznets graduated from Columbia University in 1923 and since 1930 has taught in a number of American universities. In 1960 he became a professor of economics at Harvard University. His statistical research contains extensive material describing the dynamics of the investment volume, the sectorial and technological structure of capital investments, the change in the capitalintensiveness of production, and the evolution of the capital accumulation rates in the United States and other capitalist countries over the last 100 years. The method he proposed for calculating national product, national income, and other indexes is used in the official reporting of the United States and a number of other capitalist countries.

Kuznets believes that the volume and distribution of investments and the level of the ratio between consumption and income are the basic factors in economic development. However, in stressing quantitative changes in the sphere of functioning capital, he overlooks the social factors that affect accumulation. Relying on specially selected data on the distribution of national income, Kuznets has endeavored to provide a statistical basis for the “revolution in income” that purportedly is occurring under modern capitalism in favor of the “lower” groups of the population. Kuznets’ definition of national income as the total of all income received within a year is invalid: because it includes all the secondary income of the nonproduction sphere, it overstates the amount of newly created value. He received the Nobel Prize for economics in 1971.

WORKS

Cyclical Fluctuations. New York, 1926.
National Income and Capital Formation. New York, 1937.
Shares of Upper Income Groups in Income and Savings. New York, 1953.
Postwar Economic Growth. Cambridge (Mass.), 1964.
Economic Growth and Structure. New York, 1965.
Economic Growth of Nations: Total Output and Production Structure. Cambridge (Mass.), 1971.

V. G. SARYCHEV

References in periodicals archive ?
Rather, it establishes a theoretical foundation for the measurement of and processes for structural change in economic development and uses the six characteristics of economic structural change posited by Simon Kuznets to empirically analyze economic development in Saudi Arabia.
In his first characteristic of economic development Simon Kuznets recognized that, in Less Developed Countries (LDC's), PCI rises at a slower rate than it does within More Developed Countries (MDC's.
11) I have met a great many wonderful and a great many truly brilliant men, but, in terms of makers of history, none was like Simon Kuznets.
Simon Kuznets recognized this dichotomy within economic development, and in 1955 developed his Inverted U-Hypothesis of income inequality.
A few weeks after Pearl Harbor, Nathan was appointed chairman of the planning committee of the War Production Board (WPB), and soon thereafter, Simon Kuznets also joined the WPB.
Nathan, and Carl Shoup each note the vital role Simon Kuznets played in the advent and development of CRIW.
In response to this need in the 1930's, the Department of Commerce commissioned Nobel laureate Simon Kuznets of the National Bureau of Economic Research to develop a set of national economic accounts.
The NBER tradition included the major work on business cycles by Mitchell and Burns, the studies of capital accumulation by Simon Kuznets, the work on monetary economics of Friedman and Schwartz, Gary Becket's work on human capital, Bob Lipsey's work on international trade, and many, many others.
Simon Kuznets in the early 1930's, he later won a Nobel Prize for his work.
Whereas such theorists as Kenneth Arrow, Gary Becker, Paul Samuelson, and Robert Solow all published their most often cited work before the age of 35, the empiricists Simon Kuznets and Theodore Schultz both published their most-cited work after the age of 50.
Simon Kuznets did not need much in the way of econometric tools to get the numbers to speak, but most economists rely on formal statistics to help interpret data.