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Theodore Schultz

( American economist, Nobel Memorial Award in Economics, 1979)

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Biography Theodore Schultz
genus. April 30, 1902
American economist Theodore Schultz, the son of Anna Elizabeth (nee Weiss), Schultz and Henry Edward Schultz, was born and was brought up on a farm near Arlington (South Dakota). Due to the acute shortage of manpower during the First World War, he mainly worked on the family farm, but did not attend school, but in 1921. entered agrokulturnye short-term courses at the college in South Dakota. During the outbreak in 1920. economic depression fell sharply the prices of agricultural products, went bankrupt banks and many farmers have been threatened closure of their farms. Hoping to understand the underlying causes of these economic shocks, W. in 1924. back to college and in 1926. graduated with honors, receiving a Bachelor of Science. Continuing his studies at the University of Wisconsin as a graduate student, he received a master's degree in 1928. and Ph.D. in agricultural economics in 1930
University of Wisconsin in those days was famous not only for its Faculty of Economics, but its Inter-Faculty Organization Study of Social Issues. Faculty members have provided advice to the Government of the State and prepare a draft of the agrarian legislation that later, during the Great Depression of the 30-ies., Formed the basis of agricultural policies of the New Deal. SH. always recognized its 'big intellectual debt' to the university professors.
In 1930. Schultz began teaching agricultural economics at Iowa State College (now Iowa State University) in Ames. After less than four years, he was appointed head of a new plan for the Department of Economic Sociology. Its curriculum included instruction in the general political economy, . Agricultural Economics and Rural Sociology, . and its staff participated in joint investigations with theorists, economists and experts in the field of statistics, . in the study of development programs of the farm in line with the New Deal.,
. Since the beginning of the second world war, these scientists have begun a series of studies, . known as 'series of food and agricultural policies of war', . before which, . according to the traditions of the University of Wisconsin, . been tasked to identify, . how government policies can affect agricultural production in the national interest,
. In 1943, however, the administration of college yielded to political pressure and withdrew its report, which aroused the indignation of representatives of the dairy industry in Iowa because of the recommendations to replace butter, which has become scarce, margarine. In protest, W. and several of his colleagues resigned. In the same year he joined as professor of Economic Department, University of Chicago. In 1946, Mr.. he also became professor emeritus in 1952. was appointed head of the Department, and in 1972. became an honorary professor.
In the early period of his work in Chicago W. carried away by international movements of agricultural problems. 'Food for Peace' ( "Food for the World", . 1945) - a collection of materials, . submitted for the conference organized by them, . - Drew attention to the factors of the food supply, . agricultural labor, . technology, . skills of farmers and invest in farming,
. After the Second World War Z. involved in the study of a wide range of problems of economic development. His interest in these problems was caused by the industrial rise of West Germany as a result of its financial and material assistance for the 'Marshall Plan' (named after George C. Marshall).
In 50-ies. When W. headed 'Technical assistance in Latin America' - a project, covering all sectors of the economy of the underdeveloped countries, including agriculture and other sectors of the economy - he began to explore what he called 'human capital'. According to this concept, the educational level of the population determines its ability to use information and technology for development, as well as for restructuring. Despite the fact that the cost of land and equipment is calculated with great precision, little was known about the value of human capital.
. In the article 'Creating capital formation' ( "Capital Formation by Education"), published in 'Journal of politician economy' ( "Journal of Political Economy", 1960), W
. presented a valuation of labor, including spending on education, as well as labor costs, lost a man during his studies. This value, . familiar to farmers and working families, . who are counting on, . that their children will be able to replenish the family income in the earliest possible age, . ignored by economists, . and when it was launched as a research subject, . was declared them controversial,
. Although calculations W. were not and could not be accurate in all respects, . and he turned to his students and colleagues asking them to clarify, . Nevertheless, his concept is gradually gaining recognition, . yet many do not become clear, . that investment in the developing world in education (ie,
. in human capital) are crucial. In fact, W. gained fame father of the revolution of investments in human capital. For him, these investments have had a broad meaning: these include investment in education in the walls of schools, at home, at work, as well as investment in health, education and science.
. On interdisciplinary symposia and round tables in their reports, W
. continued to come up with proof that the less-developed countries, investment in human capital, and agriculture is more important than investment in machines and plants. He urged other scientists to refuse because he thought 'intellectual error' mainstream economists, especially their desire to take into account the cost of land, rather than focus on 'quality of a person as a participant in the production of'. Speaking against the traditional approach to economic relations, W. sought to ensure that were taken into account people working behind the scenes of mathematical formulas economists. His first publication on the topic of human capital was the work of 'emerging economic scene and schooling' ( "The Emerging Economic Scene and Its Relation to High School Education"), . published in the book 'School in a new era' ( "The High School in a New Era" 1958),
. In the 60-ies. he founded at the University of Chicago Center for Comparative Education. First they organized a symposium held to discuss problems related to schooling, investment in education and health, as well as with learning in the workplace.
. In his book 'Transforming traditional agriculture' ( "Transforming Traditional Agriculture"), published in 1964, W
. argued that even in primitive farming, farmers act rationally and use their resources effectively within the information that is available to them. He emphasized the importance of issues related to the activities in the imbalance of risk and uncertainty, common in the application of new methods of management, even when the advantages of these methods demonstrated. Research in this area were caused by the so-called 'green revolution' - an attempt to increase agricultural production through the application of genetic engineering and other technological methods, partly developed by Norman Borlougom. Where not succeeded loans and grants, hybrid seeds and new technology п°пЁя€пЎп?я?п?я?я?я?я€я? provides higher yields, particularly in India, Pakistan and the Philippines.
Later W. showed particularly strong interest in women's education and to higher education for youth, . which could apply their knowledge in the most appropriate from a cultural point of view of form in order to improve health conditions, . welfare and economic prosperity of the peoples 'Third World',
. In short, W. optimism refers to the ability of poor agrarian nations. 'Poor people living in countries with low incomes, are not held hostage, bound with iron hoops equilibrium of poverty, which economists are not able to destroy', - he wrote.
. His strategy, based on this, was to correct the distortions arising around and focus on the choices and information available
. His main concern was to identify policies that could foster hidden opportunities in agriculture and the use of. That was part of its strategy of dynamic growth. In his studies of the dynamic development of W. attentive to issues of justice - to the structure of wages and rising inequality, which also includes the concept dinaicheskogo development.
W. received the Nobel Memorial Award in Economics for 1979. with U. Arthur Lewis' for innovative research and economic development ... in the annex to the problems of developing countries'. In a speech at the presentation of the winners, Eric Lundberg, a member of the Royal Swedish Academy of Sciences, called W. 'the first scientist, summarized the analysis of the impact of investments on productivity in agriculture. SH. and his students showed that the U.S. economy for a long time to receive a higher income from the 'human capital' than on the real capital '.
Like Lewis, W. combined teaching and research work with practical research. Wherever he was, working on assignments or conducting workshops, he visited the farm. 'Over the years I have frequented many low income - he recalled in his autobiographical sketch. - To find out what I wanted to know, I traveled to the countryside and visited the farm themselves. "
In 1930. SH. married Florence Esther Werth. They have two daughters and a son. Colleague W. at Yale University described it as 'free in their convictions idealistic, sociable enthusiast, who never tired of teaching'. When the age of 77 he received the Nobel Prize, he still went on foot every day in the University of Chicago.
In addition to the Nobel Prize, W. was awarded in 1972. Francis Walker's medal, awarded by the American Economic Association, and in 1976. Medals Leonard Elmhurst International Agricultural Economic Association. He is a member of the American Economic Association and the American National Academy of Sciences, a founding member of the National Academy of Education and a member of the American Philosophical Society and the American Academy of Arts and Sciences. He served as director and vice president of the National Bureau of Economic Research, . managed by the International Development Research Center in Canada, . trustee of the Population Council at the Institute of current world problems and the International Service for Agricultural Development,
. He received honorary degrees from Grinnell College and College of the State of South Dakota, University of Illinois, Wisconsin, Dijon, CatцЁlica de Chile, University of Michigan and North Carolina.

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Theodore Schultz, photo, biography
Theodore Schultz, photo, biography Theodore Schultz  American economist, Nobel Memorial Award in Economics, 1979, photo, biography
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