The contribution to economic development made by Semen (Simon) Kuznets, Nobel Prize Laureate

Abstract

S. Kuznets is regarded as an outstanding modern economist. The basic category that influenced his work was profit, as well as competition, which indicates a great contribution to the development of finance made by the scientist. S. Kuznets’ views on reducing the dominance of the technocratic approach in investment and innovation and taking into account the role of human capital have become significantly relevant recently due to the global migration of labor resources and their shortage. Careful attitude to empirical data and their constant verification emphasizes the scientist’s contribution to the formation of general approaches to accounting procedures.