In Theodore Schultz was awarded the Nobel Prize along with W. Arthur Lewis for their “pioneering research into economic development &#; with particular consideration of the problems of developing countries.” Schultz’s focus was on agriculture, a natural interest for someone who had grown up on a South Dakota farm. In Schultz began teaching agricultural economics at Iowa State College (now Iowa State University). He left in protest in when the college’s administration, bowing to political pressure from some of the state’s dairy farmers, suppressed a report that recommended substituting oleomargarine for butter. Schultz moved to the University of Chicago’s economics department, where he spent the rest of his academic career.
Early on at Chicago, Schultz became interested in agriculture worldwide. In his book, Transforming Traditional Agriculture, Schultz laid out his view that primitive farmers in poor countries maximize the return from their resources. Their apparent unwillingness to innovate, he argued, was rational because governments of those countries often set artificially low prices on their crops and taxed them heavily. Also, governments in those countries, unli
Theodore William Schultz Edit Profile
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Theodore William Schultz was an American educator and agricultural economist whose influential studies of the role of "human capital" - education, talent, energy, and will - in economic development won him a share of the Nobel Prize for Economics. Schultz's work concerned developing economies, the economics of agriculture, and the value added to an economy when its people are well-educated with easy, efficient access to health care.
Background
Theodore Schultz was born on April 30, in Arlington, South Dakota, United States; the son of Henry and Anna Schultz.
Education
Education was important to Schultz, who did not attend high school. His father decided to pull him out of attending Kingsbury County Schoolhouse when he was in the eighth grade. Theodore helped with the family farm during World War I, as labor was in short supply when many of the nation&#;s young men entered the service. Despite his lack of high school instruction, Schultz was able to attend college later. He graduated from South Dakota State College (now South Dakota State University) in and earn
Theodore W. Schultz: Life And Career, Contributions
Who Was Theodore W. Schultz?
Theodore W. Schultz, who went by the name Ted Schultz, was born on April 30, and died on Feb. 26, He was an American Nobel Prize recipient, an economist, and the chair of Economics at the University of Chicago. He is most famous for developing the Human Capital Theory of economic recovery from disaster.
Key Takeaways
- Theodore Schultz was an agricultural economist and the chair of the Department of Economics at the University of Chicago.
- Schultz made significant contributions to the economics of rural and agricultural development and the theory of human capital.
- He was awarded the Nobel Prize in Economics in
Life and Career
Theodore W. Schultz was born on a farm in South Dakota. He attended school until the eighth grade when he left to work on his family's farm due to labor shortages during World War I. Later, motivated by the persistent financial troubles he saw around him in the agricultural sector, Schultz would enroll in a special farm-oriented agricultural and economic studies program at South Dakota State. He finally earned a degree in agriculture and economics in at t
THEODORE WILLIAM SCHULTZ WAS an outstanding innovator in the development of economics, a teacher who had a remarkable impact on hundreds of students, a highly successful academic administrator, and a keen observer of the world in which he lived. I know of no one who learned more from direct observation than he did. Whenever he had the opportunity, he went to the field, so to speak, to see how real people addressed their problems. While he always cherished the structure of economic analysis as it existed, he wanted that structure to help him understand what went on in the world. If it didn't, he thought that the structure or the implications that were commonly attributed to it should be revised. As will be noted, he was responsible for a number of important innovations in the way economics helps us view reality.
He was born on a farm near Arlington, South Dakota, on April 30, ; he died on February 26, , at the age of ninety-five. He was one of eight children, with four brothers and three sisters. He was unable to attend high school because he was needed on the farm. In he attended a short course at South Dakota State College. Someone at the colle
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