The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.
Simon KuznetsRead
Does inequality in the distribution of income increase or decrease in the course of a country's economic growth?
Interpretation
The quote questions whether economic growth leads to greater or lesser income inequality within a country.
Simon Kuznets' quote poses a critical inquiry regarding the relationship between economic growth and income inequality. It suggests that as a country develops economically, the distribution of wealth may either become more unequal or more equal over time. This idea challenges policymakers and economists to consider how growth impacts social structures and equity, emphasizing the need for a deeper understanding of economic policies and their social implications.
In practice
This quote can be used in a discussion about economic policy reforms at a conference.
The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.
The budget should be balanced not by more taxes, but by reduction of follies.
War can really cause no economic boom, at least not directly, since an increase in wealth never does result from destruction of goods.
I went to the bank and proposed that they lend money to the poor people. The bankers almost fell over.
I am in favor of high wages and agree that the higher the wages, the stronger the evidence of prosperity, provided (and that is the important point) they are so naturally, by the effectiveness of industry, and not in consequence of an inflated currency or any artificial regulation.
No nation was ever ruined by trade.
It is a [disputed] question, whether the circulation of paper, rather than of specie [gold and silver coin], is a good or an evil I believe it to be one of those cases where mercantile clamor will bear down reason, until it is corrected by ruin.
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