Theodore W. Schultz

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.

BREAKING DOWN '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. Vernon L. Smith

    An American economist who won the Nobel Prize in Economics in ...
  3. Douglass C. North

    An American economist and winner of the 1993 Nobel Memorial Prize ...
  4. Richard Stone

    Richard Stone is a British economist who won the 1984 Nobel Memorial ...
  5. Merton Miller

    A prominent Chicago school economist. Miller was born in 1923 ...
  6. USDA

    A department of the United States government that manages various ...
Related Articles
  1. Markets

    The Farmer's Grip on Japanese Politics

    If you live in Tokyo, Japan's biggest city, then your vote is cheap. If you want your voice to count, move out to the countryside and buy a farm.
  2. Markets

    Nobel Winners Are Economic Prizes

    Before you try to profit from their theories, you should learn about the creators themselves.
  3. Insights

    The Top 4 Starbucks Shareholders (SBUX)

    Learn about the origins of Starbucks Corporation, its focus on continuing to grow, and the top five individual shareholders of the coffee company.
  4. Markets

    Starbucks Opens Its First Shop in Italy (SBUX)

    Roughly 33 years after Howard Schultz was inspired on a trip to Milan to start his coffee-chain giant, Starbucks will open its first shop in Italy. There's a reason it took so long.
  5. Markets

    How Influential Economists Changed Our History

    Find out how these five groundbreaking thinkers laid our financial foundations.
  6. Investing

    5 Nobel Prize-Winning Economic Theories You Should Know About

    Here are 5 prize-winning economic theories that you’ll want to be familiar with.
  7. Financial Advisor

    A Day In The Life Of An Economist

    We've interviewed three economists with very different job descriptions to give you an idea of the many possibilities this career choice offers.
  8. Professionals

    5 CEOs Who Returned to Save the Day (AAPL, GOOG)

    Instead of toying with trial and error, many struggling companies have adopted a tried and true "founder knows best" strategy, bringing back former CEOs.
  9. Markets

    The Difference Between Finance And Economics

    Learn the differences between these closely related disciplines and how they inform and influence each other.
  10. ETFs & Mutual Funds

    A Primer For Investing In Agriculture

    In this article, we'll look at the agriculture sector and the different ways investors can approach it.
RELATED FAQS
  1. What advice does Howard Schultz offer would-be business moguls?

    Arm yourself with priceless advice from Howard Schultz and incorporate his savvy into your existing or future entrepreneurship ... Read Answer >>
  2. What is Howard Schultz's educational and professional background?

    Learn about Howard Schultz's background. Discover where he got his education and his professional background before becoming ... Read Answer >>
  3. Why did Howard Schultz leave Starbucks, only to return eight years later? (SBUX)

    Find out why Howard Schultz left Starbucks in 2000, even though he was very successful, and what brought him out of retirement ... Read Answer >>
  4. How did Howard Schultz build Starbucks from a small business into an empire?

    Learn how Howard Schultz built Starbucks into a worldwide phenomenon and then almost miraculously brought it back from the ... Read Answer >>
  5. Why did Howard Schultz decide to keep Starbucks a chain rather than allow franchising?

    Read about why billionaire Howard Schultz chose to keep Starbucks a chain rather than franchising and how he led the chain ... Read Answer >>
  6. What economic indicators do agriculture investors need to watch?

    Agriculture investors should keep an eye on land prices, interest rates, inflation, harvest performance and speculative investment ... Read Answer >>
Hot Definitions
  1. Duration

    A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. ...
  2. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  3. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  4. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  5. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  6. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
Trading Center