There was an optimum mix of those who gave great importance to quantitative measurements like Nobel laureate Simon Kuznets
, the father of national income accounting, and those who tempered the econometric approach with the findings of other social sciences like sociology, psychology, and, as in the case of Kuznets
Among the topics are American radical economists in Mao's China: from hopes to disillusionment, in search of the socialist subject: radical political economy and the study of moral incentives in the Third World, Arthur Lewis and the classical foundations of Development: economic history and institutional change, Lewis and Kuznets
on economic growth and income inequality, and the contribution of John R.
In setting up a system of national accounts, Kuznets
(1941) stressed that the only true final goods are consumption at various dates.
The discussion was typically examined using the so-called Environmental Kuznets
Curve (EKC) model, which postulated an inverted U-shaped relationship between income and pollution levels (e.g.
In 1955, the economist Simon Kuznets
hypothesised that income inequality would increase sharply and then decline -- in the pattern of an inverted "U" or a bell -- as countries underwent economic development.
A theoretical concept that shapes this discussion is of the environmental Kuznets
. According to the environmental Kuznet
curve (EKC) hypothesis, environmental degradation increases when an economy is at initial level of economic growth, and then decreases when it is at higher level of growth.
Empirical research on inequality started in 1950s when Simon Kuznets
published his a seminal work on the relationship between economic development and income inequality and found an inverted-U shaped relationship.
, who delivered a 1937 report to the US Congress on a way of measuring a nation's economic activity using a single metric.
As he tells it, GDP emerged from an Anglo-American joust between two economists -- Simon Kuznets
and John Maynard Keynes.
This is a critical topic of discussion among the economists and policymakers since the days of Kuznets
. But after millennium development goals of United Nations reducing income discrepancies and macroeconomic instability are the main objectives of United Nations member countries.
, the 1971 Nobel laureate in economics, hypothesized in the 1950s that income inequality tends to initially increase, peak, and then fall as economies develop.