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Theodore Schultz

American economist

"Theodore Schulz" redirects here. For the golfer, see Ted Schulz.

Theodore William Schultz (SHUULTS; 30 April 1902 – 26 February 1998) was an American agricultural economist and chairman of the University of Chicago Department of Economics. Schultz rose to national prominence after winning the 1979 Nobel Memorial Prize in Economic Sciences.

Early life and education

Theodore William Schultz was born on April 30, 1902, in a small town ten miles northwest of Badger, South Dakota, on a 560-acre farm. When Schultz was in the eighth grade, his father Henry decided to pull him out of attending Kingsbury County Schoolhouse. His father's view was that if his eldest son continued to get an education he would be less inclined to continue working on the farm. Schultz subsequently did not have any formal post-secondary education.

He eventually enrolled in the Agriculture College at South Dakota State, in a three-year program that met for four months a year during the winter. After being recognized for possessing great potential as a stu

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Theodore W. Schultz

Schultz set out to investigate an important area of economics, an investigation that would help humanity as a whole. He directed his attention to examining agricultural economics and poverty, which culminated in his world-famous work "What is the economics of being poor?"

"I was trying to understand the composition of what made people poor," Schultz said. "My first efforts went into identifying the poor. I’m not talking about the individual that is poor. I’m thinking of a whole community, or as it’s the case in some places, I’m thinking of the whole country."

How can you identify poor communities?

Schultz developed three effective methods to identify poor communities. The first examines the amount of income people in the community spent on food. "If the fraction of income spent on food is half or more, then that’s a pretty strong sign that they’re really poor," Schultz explained. "By this test, you will be able to identify most of the poor communities. You don’t have to go any further, but I went further."

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Biographical Memoirs: Volume 77 (1999)

REFERENCES

Balogh, T. 1964. Review: Transforming traditional agriculture by T. W. Schultz. Econ. J. 84 (296):996–99.

Beneke, R. R. 1998. T. W. Schultz and pamphlet no. 5: The oleomargarine war and academic freedom. Choices, 2nd quarter, pp. 4–8.

Bowman, M. J. 1980. On Theodore W. Schultz's contribution to economics. Scand. J. Econ. . 82:80–107.

Brownlee, O. H. 1943. Putting dairying on a wartime footing. Wartime Farm and Food Policy, Pamphlet No. 5. Ames: Iowa State College.

Brownlee, O. H. 1944. Putting dairying on a wartime footing (revised ed.). Wartime Farm and Food Policy, Pamphlet No. 5. Ames: Iowa State College.

Nerlove, M. In press. Transforming economics: Theodore W. Schultz, 1902–1998 (in memoriam). Econ. J. 109.

Schultz, T. W. 1961. Investment in human capital. Am. Econ. Rev. 51:1–17.

Schultz, T. W. 1964. Transforming Traditional Agriculture, p. 5. New Haven: Yale University Press.