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.
Fair treatment in the work force is no longer exclusively a labor issue, nor is it a women's issue - it is a fundamental economic issue.
Economy is the method by which we prepare today to afford the improvements of tomorrow.
The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it. The process by which banks create money is so simple the mind is repelled.
As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed, and demand a rent even for its natural produce.
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident.
Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. Believe me, it will be enough.
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