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. Vernon L. Smith

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

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

    Richard Stone is a British economist who won the 1984 Nobel Memorial ...
  4. USDA

    A department of the United States government that manages various ...
  5. Merton Miller

    A prominent Chicago school economist. Miller was born in 1923 ...
  6. Ronald H. Coase

    A British economist who won the 1991 Nobel Memorial Prize in ...
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. 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.
  6. 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.
  7. Markets

    The Difference Between Finance And Economics

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

    DBA vs. USAG: Comparing Agriculture ETFs

    Read a comparison of USAG and DBA, and learn about the characteristics, strategies and performance statistics of these agriculture exchange-traded funds.
  9. ETFs & Mutual Funds

    The Top 3 ETFs For Investing in Agriculture (DBA, MOO)

    Learn about some the best available exchange-traded funds for profiting from exposure to the agricultural sector through stocks and futures.
  10. Markets

    Understanding Poverty

    Poverty exists when a person’s or community’s basic needs are not being met because financial resources are lacking.
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. 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 >>
  3. 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 >>
  4. 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 >>
  5. 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 >>
  6. What impact does economics have on government policy?

    Learn about the impact of economic conditions on government policy and understand how governments engineer economic conditions ... Read Answer >>
Hot Definitions
  1. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  2. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  3. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  4. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
  5. Enterprise Value (EV)

    A measure of a company's value, often used as an alternative to straightforward market capitalization. Enterprise value is ...
  6. Security

    A financial instrument that represents an ownership position in a publicly-traded corporation (stock), a creditor relationship ...
Trading Center