Theodore W. Schultz

AAA

DEFINITION of 'Theodore W. Schultz'

An agricultural economist who won the Nobel Prize in Economics in 1979, along with William Arthur Lewis, for his research in development economics. Schultz researched the economic behavior of rural populations and showed how government policy in poor countries could perpetuate rural poverty. He also helped to develop the idea of human capital.


He authored and edited numerous books on agriculture and on education.

INVESTOPEDIA EXPLAINS 'Theodore W. Schultz'

Schultz was born in 1902 in South Dakota. He earned his Ph.D. in economics from the University of Wisconsin and taught economics at Iowa State University until an academic censorship debate compelled him to leave. He then taught agricultural economics at the University of Chicago for more than 50 years.


Among his numerous other honors and distinctions, Schultz was president of the American Economic Association, member of the National Academy of Sciences, fellow of the American Farm Economic Association, founding member of the National Academy of Education and board member and vice president of the National Bureau of Economic Research. He died in 1998.

RELATED TERMS
  1. Sir Arthur Lewis

    A St. Lucian economist who won the Nobel Memorial Prize in Economics ...
  2. Economist

    An expert who studies the relationship between a society's resources ...
  3. Poverty

    A state or condition in which a person or community lacks the ...
  4. Free Market

    A market economy based on supply and demand with little or no ...
  5. National Bureau of Economic Research ...

    This private, non-profit, non-partisan research organization's ...
  6. Free Enterprise

    An economic system where few restrictions are placed on business ...
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  2. Austrian School of Economics, von Hayek
    Economics

    The Austrian School Of Economics

    Investopedia explains: If you think economists are only concerned with numbers, check out the Austrian School, who are more like economic philosophers.
  3. Adam Smith is considered the founder of modern economics.
    Economics

    Adam Smith: The Father Of Economics

    This free thinker promoted free trade at a time when governments controlled most commercial interests.
  4. Economics

    The Uncertainty Of Economics: Exploring The Dismal Science

    Learning about the study of economics can help you understand why you face contradictions in the market.
  5. Fundamental Analysis

    4 Misconceptions About Free Markets

    These fallacies have hounded free market economists since the days of Adam Smith.
  6. Economics

    Why Can't Economists Agree?

    There are many reasons why economists can be given the same data and come up with entirely different conclusions.
  7. Forex Education

    Free Market Maven: Milton Friedman

    As proponent of free market capitalism, this economist changed the way the world's economies operate.
  8. If you need to ship titanic volumes of sundry products across sweeping distances, nothing's better than rail, where Union Pacific is a titan.
    Stock Analysis

    How Union Pacific Makes Its Money

    If you need to ship titanic volumes of sundry products across sweeping distances, nothing's better than rail, where Union Pacific is a titan.
  9. Chart Advisor

    Commodities Set Up For A Continued Move Lower

    Commodities have been suffering since late summer, and unfortunately for the bulls it doesn’t appear that the situation is about to change anytime soon.
  10. The Distribution of the Ebola virus over three mainly affected countries (Source: The World Health Organization)
    Economics

    Ebola's Economic Impacts on Liberia, Sierra Leone and Guinea

    A summary analysis of projections of how the Ebola outbreak will affect the economies of Liberia, Sierra Leone and Guinea.

You May Also Like

Hot Definitions
  1. Risk-Free Rate Of Return

    The theoretical rate of return of an investment with zero risk. The risk-free rate represents the interest an investor would ...
  2. Scarcity

    The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, ...
  3. Trust Fund

    A trust fund is a fund comprised of a variety of assets intended to provide benefits to an individual or organization. The ...
  4. Christmas Tree

    An options trading strategy that is generally achieved by purchasing one call option and selling two other call options at ...
  5. Christmas Club

    A short-term savings account that usually pays out the full account balance to its account holders once each year, right ...
  6. Boston Snow Indicator

    A market theory that states that a white Christmas in Boston will result in rising stock prices for the following year. For ...
Trading Center