nobel laureate simon kuznets, who did significant work on national income accounts in the 1930s, said that the welfare of a nation can scarcely be inferred from a mea-surement of national income. would you agree with him? why or why not?

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01-12-2022
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nobel laureate simon kuznets, who did significant work on national income accounts in the 1930s, said that the welfare of a nation can scarcely be inferred from a mea-surement of national income. would you agree with him? why or why not?

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charithran8975 charithran8975 · Answer 1 · 2022-12-05T17:42:12+01:00

Yes, we agree with Nobel laureate Simon Kuznets, who did significant work on national income accounts in the 1930s, said that the welfare of a nation can scarcely be inferred from a measurement of national income.

Simon Kuznets, the 1934 Nobel laureate who said that "the welfare of a nation can scarcely be inferred from a measurement of national income," probably had no idea that the term "gross domestic product" (GDP) would still be used to denote prosperity and well-being in the third decade of the twenty-first century.

GDP was created by Kuznets as a tool for gauging the effects of the Great Depression. It allowed governments to keep track of any changes in their country's wealth as measured by the value of the goods and services produced, and its significance grew as nations calculated the price of fighting the Second World War.

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