Saturday 15 July 2023

Simon Kuznets, the inventor of the concept of GDP, noted in his first report to the US Congress in 1934:

the welfare of a nation can scarcely be inferred from a measure of national income.[3]

In 1962, he also wrote:

Distinctions must be kept in mind between quantity and quality of growth, between costs and returns, and between the short and long run...Goals for more growth should specify more growth of what and for what.[4]

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