The market has spoken. The Kuznets Nobel Prize medal in Economic Sciences sold for $390,848, on a presale estimate of $150,000.
The 1971 Nobel Prize in Economic Sciences awarded to Gross Domestic Product (GDP) inventor Simon Kuznets
sold tonight for $390,848 at Nate D. Sanders Auctions. It was the first Nobel Prize in Economic Sciences to ever be auctioned and only the sixth
Nobel Prize to ever go under the hammer. Interested bidders may participate in the auction online.
Unlike other famous economists, Kuznets utilized demography and statistics to infer the effects of population growth on national productivity. He
authored important studies that quantified economic activity and its relationship to population increases, and immigration and internal population
shifts. During World War II, his research at the Bureau of Planning and Statistics, War Production Board was instrumental in providing realistic
estimates of national productivity for the defense effort.
Kuznets pioneered the Gross Domestic Product concept for a Congressional report in 1934. After the 1944 Bretton Woods conference, GDP became the
primary tool for measuring a nation’s economic productivity. Kuznets also developed a macroeconomics-based measurement system, which the Commerce
Department uses to estimate the gross national product The World Bank and private economists adapted Kuznets’ system to estimate economic growth in
industrial and third-world countries.
The gold medal bears Alfred Nobel’s image and the engraving ''Sveriges Riksbank Till Alfred Nobels Minne 1968” on one side. The medal’s
reverse side features the Royal Swedish Academy of Sciences’ north star emblem with the engraved phrase “Kungliga Vetenskapsakademien.''
“Simon Kuznets 1971” is engraved on the medal edge. The medal is displayed in the original red leather case with Dr. Kuznets’ name gilt stamped.
To read the complete article, see:
Domestic Product inventor Simon Kuznets' 1971 Nobel Prize sells for $390,848
To read the earlier E-Sylum article, see:
THE SIMON KUZNETS 1971 NOBEL ECONOMIC SCIENCES MEDAL
Wayne Homren, Editor
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