Simon Kuznets was a Russian-born American economist and statistician awarded the 1971 Nobel Memorial Prize in Economic Sciences for turning economics into a more empirical, measurement-driven science. He developed the modern concept of gross domestic product for a 1934 report to the United States Congress, giving policymakers a standardized way to track the scale of a depression-hit and later wartime economy, while warning throughout his career that a national income figure on its own says little about a population's actual welfare.
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Associated With School
Wikipedia's own infobox names Institutional economics as Kuznets' school or tradition, through his doctoral mentor Wesley Clair Mitchell, a founder of the National Bureau of Economic Research where Kuznets built the first official US national income accounts.
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Additional Source Simon Kuznets (Wikipedia)Simon Kuznets, Early life and education section
Concepts Originated
Source Wikipedia
Additional Source Gross domestic product (Wikipedia)Gross domestic product, History section
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Gross domestic product (Wikipedia)
Gross domestic product, History sectionQuote, Gross domestic product, History section
The modern concept of GDP was first developed by Simon Kuznets for a 1934 U.S. Congress report.
Simon Kuznets (Wikipedia)
- Lead section
Associated With School: Institutional Economics, Simon Kuznets, Early life and education section
Kuznets then studied at Columbia University under the guidance of Wesley Clair Mitchell.
In Group: Growth, Innovation and Human Capital Economists, Lead
He received the 1971 Nobel Memorial Prize in Economic Sciences "for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development." Kuznets made a decisive contribution to the transformation of economics into an empirical science and to the formation of quantitative economic history.
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