Name the Nobel Prize winning American economist whose report to the US Congress titled “National Income, 1929-35” paved the way for the calculation of Gross Domestic Product (GDP) as the ultimate measure of a country’s overall welfare.

Options

A. Paul Samuelson
B. John Maynard Keynes
C. Simon Kuznets
D. Kenneth Arrow

Answer

C

Explanation

Simon Kuznets, a Russian-American development economist and statistician, was awarded the 1971 Nobel Memorial Prize in Economics for his research on economic growth. He is best known for his work on the calculation of Gross Domestic Product (GDP) as the ultimate measure of a country’s overall welfare.