Date of Birth: April 30, 1902
Zodiac Sign: Taurus
Date of Death: February 26, 1998
Biography
Theodore William Schultz was an influential American economist known for his pioneering work in the field of agricultural economics and human capital theory. Born in a rural farming community in South Dakota, Schultz’s early life experiences deeply influenced his academic pursuits. He earned his Ph.D. from the University of Wisconsin-Madison in 1930 and went on to teach at Iowa State College and later at the University of Chicago, where he became a prominent figure. Schultz’s groundbreaking research earned him the Nobel Memorial Prize in Economic Sciences in 1979, an honor he shared with Sir Arthur Lewis. His work emphasized the importance of education and knowledge in improving agricultural productivity and overall economic development. Schultz passed away on February 26, 1998, leaving behind a legacy that continues to influence the field of economics.
5 Interesting Facts about Theodore Schultz
1. Theodore Schultz grew up on a farm in South Dakota, which influenced his lifelong interest in agricultural economics.
2. He served as the Chairman of the Department of Economics at the University of Chicago from 1946 to 1961.
3. Schultz’s work on human capital theory emphasized the role of education and training in economic development.
4. He was awarded the National Medal of Science in 1972 for his contributions to economic science.
5. Schultz co-authored the influential book “Transforming Traditional Agriculture,” which examined the economic transformation of developing countries.
5 Most Interesting Quotes from Theodore Schultz
1. “Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters.”
2. “The key to economic growth is the improvement of human capital.”
3. “Education and health are not just consumption, they are investments in the future.”
4. “The ability to make, recognize, and use opportunities is perhaps the most important of all human skills.”
5. “Agriculture is the most healthful, most useful and most noble employment of man.”
Highest Net Worth Achieved
The highest net worth achieved by Theodore Schultz is not well-documented, but his primary contributions were academic rather than financial.
Children
Theodore Schultz had two children, a son named Theodore Jr. and a daughter named Elaine.
Relevant Links
2. [Encyclopaedia Britannica Entry](https://www.britannica.com/biography/Theodore-W-Schultz
