7 Dec 2017
The Kuznets Curve, names after economist Simon Kuznets, illustrates how, as countries develop and the income of their population grows, their consumption patterns and needs evolve. As they industrialise, countries progress up the curve. Initially, inequality rises before declining as income per capita increases and a middle class emerges along with a consumer/services-led economy. Ultimately, consumer goods, lifestyle products and environmental products become more important.