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Information about Theodore Schultz

Theodore William Schultz (April 30, 1902 – February 26, 1998) was the 1979 winner (jointly with William Arthur Lewis) of the Nobel Memorial Prize in Economics.

He was born in Arlington, South Dakota, enrolled in South Dakota State College in 1921 to study agriculture, graduated in 1927, then entered the University of Wisconsin-Madison earning his doctorate in economics in 1930.

He later taught at Iowa State College, and moved to the University of Chicago in 1943. He later became president of the American Economic Association. He died in 1998.

His contributions

Schultz was awarded the Nobel Prize for his work in development economics, focusing on the economics of agriculture. He analysed the role of agriculture within the economy, and his work has had far reaching implications on industrialisation policy, both in developing and developed nations. Schultz also promulgated the idea of educational capital, an offshoot of the concept of human capital, relating specifically to the investments made in education.

Schultz researched into why post-World War II Germany and Japan recovered, at almost miraculous speeds from the wide-spread devastation. Contrast this with the United Kingdom which was still rationing food long after the war. His conclusion was that the speed of recovery was due to a healthy and highly educated population; education makes people productive and good healthcare keeps the education investment around and able to produce. One of his main contributions was later called Human Capital Theory, and inspired a lot of work in international development in the 1980s, motivating investments in vocational and technical education by Bretton Woods System International Financial Institutions such as the IMF and the World Bank.

Bibliography

Books Authored

  • Redirecting Farm Policy, New York: Macmillan Company, 1943
  • Agriculture in an Unstable Economy, New York: McGraw-Hill, 1945
  • The Economic Organization of Agriculture, McGraw-Hill, 1953
  • The Economic Value of Education, New York: Columbia University Press, 1963
  • Transforming Traditional Agriculture, New Haven: Yale University Press, 1964
  • Economic Growth and Agriculture, New York: MacGraw-Hill, 1968
  • Investment in Human Capital: The Role of Education and of Research, New York: Free Press, 1971
  • Human Resources (Human Capital: Policy Issues and Research Opportunities), New York: National Bureau of Economic Research, 1972

Books Edited

  • Food for the World, Chicago: University of Chicago Press, 1945
  • Investment in Human Beings, Chicago: University of Chicago Press, 1962
  • Investment in Education: Equity-Efficiency Quandary, Chicago: University of Chigaco Press, 1972
  • New Economic Approaches to Fertility, Chicago: University of Chicago Press, 1973
  • Economics of the Family: Marriage, Children, and Human Capital, Chicago: University of Chicago Press, 1974
 •  • [ e]
Nobel Memorial Prize in Economics Laureates
Milton Friedman (1976) • Bertil Ohlin / James Meade (1977) • Herbert Simon (1978) • Theodore Schultz / William Arthur Lewis (1979) • Lawrence Klein (1980) • James Tobin (1981) • George Stigler (1982) • Grard Debreu (1983) • Richard Stone (1984) • Franco Modigliani (1985) • James M. Buchanan (1986) • Robert Solow (1987) • Maurice Allais (1988) • Trygve Haavelmo (1989) • Harry Markowitz / Merton Miller / William Forsyth Sharpe (1990) • Ronald Coase (1991) • Gary Becker (1992) • Robert Fogel / Douglass North (1993) • John Harsanyi / John Forbes Nash / Reinhard Selten (1994) • Robert Lucas, Jr. (1995) • James Mirrlees / William Vickrey (1996) • Robert C. Merton / Myron Scholes (1997) • Amartya Sen (1998) • Robert Mundell (1999) • James Heckman / Daniel McFadden (2000)
April 30 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.

Events

  • 313 - Roman emperor Licinius unifies the entire Eastern Roman Empire under his rule.

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Year 1902 (MCMII
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February 26 is the 1st day of the year (2nd in leap years) in the Gregorian calendar. There are 0 days remaining.

Events

  • 747 BC - Epoch (origin) of Ptolemy's Nabonassar Era.

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19th century - 20th century - 21st century
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1940s  1950s  1960s  - 1970s -  1980s  1990s  2000s
1976 1977 1978 - 1979 - 1980 1981 1982

Also: 1979 by Smashing Pumpkins.

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Sir William Arthur Lewis (January 23, 1915 – June 15, 1991) was a Saint Lucian economist well known for his contributions in the field of economic development. In 1979 he won the Nobel Prize in Economics, becoming the first black person to win a Nobel Prize in a category
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics.
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Arlington, South Dakota
Location in Brookings County and the state of South Dakota
Coordinates:
Country United States
State South Dakota
Counties Kingsbury, Brookings

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South Dakota State University is the largest university in the U.S. state of South Dakota, located in Brookings. A public land-grant university, founded under the provisions of the 1862 Morrill Act, SDSU offers programs of study required by, or harmonious to, this Act.
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Agriculture (from Agri Latin for ager ("a field"), and culture, from the Latin cultura "cultivation" in the strict sense of "tillage of the soil". A literal reading of the English word yields "tillage of the soil of a field".
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University of Wisconsin–Madison (also known as UW–Madison, Madison, Wisconsin, University of Wisconsin, or UW) is a highly selective public research university located in Madison, Wisconsin, USA.
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Iowa State University of Science and Technology (ISU) is a public land-grant and space-grant university located in Ames, Iowa, USA. Until 1959 it was known as Iowa State College of Agriculture and Mechanic Arts.
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The University of Chicago is a private university located principally in the Hyde Park neighborhood of Chicago. Founded in 1890 by the American Baptist Education Society and the oil magnate John D. Rockefeller, the University of Chicago held its first classes on October 1, 1892.
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The American Economic Association, or AEA, is the oldest and most important professional organization in the field of economics. It was established in 1885 by religious and social reformer Richard T.
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19th century - 20th century - 21st century
1960s  1970s  1980s  - 1990s -  2000s  2010s  2020s
1995 1996 1997 - 1998 - 1999 2000 2001

Year 1998 (MCMXCVIII
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Development economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is on methods of promoting economic growth but also of realizing individual potential for the mass of the population, for example, through
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Agricultural economics originally applied the principles of economics to the production of crops and livestock - a discipline known as agronomics. Agronomics was a branch of economics that specifically dealt with land usage.
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Industrialisation (also spelt Industrialization) or an Industrial Revolution is a process of social and economic change whereby a human group is transformed from a pre-industrial society (an economy where the amount of capital accumulated per capita is low) to an
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Human capital refers to the stock of productive skills and technical knowledge embodied in labor. Many early economic theories refer to it simply as labor, one of three factors of production, and consider it to be a fungible resource -- homogeneous and easily interchangeable.
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Education encompasses teaching and learning specific skills, and also something less tangible but more profound: the imparting of knowledge, positive judgment and well-developed wisdom.
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Human capital refers to the stock of productive skills and technical knowledge embodied in labor. Many early economic theories refer to it simply as labor, one of three factors of production, and consider it to be a fungible resource -- homogeneous and easily interchangeable.
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The Bretton Woods system of international monetary management established the rules for commercial and financial relations among the world's major industrial states. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary
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International financial institutions of IFIs refers to financial institutions that have been established (or chartered) by more than one country, and hence are subjects of international law.
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IMF is an abbreviation for:
  • Intelligent Message Filter, server-side message filtering, heuristics-based message analysis
  • International Metalworkers' Federation, a global union federation

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The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty.
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The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly called the Nobel Prize in Economics, is a prize awarded each year for outstanding intellectual contributions in the field of economics.
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Milton Friedman

Born July 31 1912(1912--)
Brooklyn, New York City
Died November 16 2006 (aged 94)
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Bertil Gotthard Ohlin (pronounced ['bærtil u'li:n]) (23 April 1899 – 3 August 1979) was a Swedish economist and politician. He was a professor of economics at the Stockholm School of Economics from 1929 to 1965.
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James Edward Meade (June 23 1907, Swanage, Dorset – December 22 1995, Cambridge) was a British economist and winner of the 1977 Nobel Prize in Economics jointly with the Swedish economist Bertil Ohlin for their "Pathbreaking contribution to the theory of international trade
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Herbert Simon

Born May 15 1916(1916--)
Milwaukee, Wisconsin
Died January 9 2001 (aged 86)
Pittsburgh, Pennsylvania
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