Simon Kuznets – “Kuznets Cycle”
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Simon Kuznets is best known for his study of National Income and its components. He received the Nobel Prize in 1971 for his empirically founded rendition of economic growth that has led to new and profound insight into the economic and social structure and process of development.
Simon Kuznets is best known for his study of National Income and its components. He received the Nobel Prize in 1971 for his empirically founded rendition of economic growth that has led to new and profound insight into the economic and social structure and process of development.
Simon Kutznets was a Russian American Jew born in Pinsk, Russia on 30th April 1901. He was educated in Khatkive, Ukraine before pursuing his studies at Colombia University in 1992. He obtained his B.Sc. in 1923, M.A. in 1924 and PhD in 1926. During the period of 1925-26, he remained engrossed in studying economic patterns in price levels as a research fellow at the Social Science Research Council. His first book, Secular Movements in Production and Prices was published in 1930.
Kuznets had devoted his entire life to the collection and organization of the national income accounts of the United States. Kuznets was closely associated with the emergence of Econometrics and the Keynesian Revolution, coming up with the concept of a seasonal and periodic “business cycle”, which was eventually renamed after him and known as “Kuznets Cycle”.
Kuznets was one of the pioneers in development economics, particularly in gathering and analyzing the empirical characteristics of developing countries. He argued that the economic problems faced by lesser developed countries are not the same as those faced by developing countries, leading to the creation of development economics. Two of his most important discoveries, which triggered research programs, are the inverted “U” shape relationship between economic growth and income equality and the discovery of patterns in savings behavior that launched the Life-Cycle Permanent-Income Hypothesis by economists Franco Modigliani and Milton Friedman.
He joined the University of Pennsylvania in 1930 as a part-time professor before receiving his full-time professorship in 1936, carrying on till 1954. He subsequently joined the John Hopkins University as part of the Political Economy teaching faculty, eventually leaving for Harvard University in 1960 where he taught till his retirement in 1970.
Major Publications by Simon Kuznets
Secular Movements in Production and Prices
National Income
Modern Economic Growth: Rate, Structure and Spread
Economic Growth of Nations: Total Output and Production Structure
Books by Simon Kuznets
Modern Economic Growth: Rate Structure and Spread
Economic Change : Selected Essays in Business Cycles, National Income, and Economic Growth
Toward A Theory Of Econ Growth Population, Capital, and Growth: Selected Essays
Economic Growth: Brazil, India, Japan
National Income and Its Composition, 1919-1938 Volume I
Commodity Flow and Capital Formation, Volume I
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