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. How Influential Economists Changed Our ...
    Fundamental Analysis

    How Influential Economists Changed Our ...

  2. The Austrian School Of Economics
    Economics

    The Austrian School Of Economics

  3. Adam Smith: The Father Of Economics
    Economics

    Adam Smith: The Father Of Economics

  4. The Uncertainty Of Economics: Exploring ...
    Economics

    The Uncertainty Of Economics: Exploring ...

comments powered by Disqus
Hot Definitions
  1. Last In, First Out - LIFO

    An asset-management and valuation method that assumes that assets produced or acquired last are the ones that are used, sold ...
  2. Ghosting

    An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. ...
  3. Elasticity

    A measure of a variable's sensitivity to a change in another variable. In economics, elasticity refers the degree to which ...
  4. Tangible Common Equity - TCE

    A measure of a company's capital, which is used to evaluate a financial institution's ability to deal with potential losses. ...
  5. Yield To Maturity (YTM)

    The rate of return anticipated on a bond if held until the maturity date. YTM is considered a long-term bond yield expressed ...
  6. Net Present Value Of Growth Opportunities - NPVGO

    A calculation of the net present value of all future cash flows involved with an additional acquisition, or potential acquisition. ...
Trading Center