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Theodore Schultz Quotes

1902–1998 United States

Theodore William "Ted" Schultz (30 April 1902 – 26 February 1998) was an American economist and chairman of the University of Chicago Department of Economics, who was the 1979 winner, jointly with William Arthur Lewis, of the Nobel Memorial Prize in Economic Sciences.

United States
Academics
Economists
Nobel laureates

Also known as: Theodore W. Schultz

Random Theodore Schultz quote

7 quotes

Investment in human capital accounts for most of the impressive rise in the real earnings per worker.

Human beings are incontestably capital from an abstract and mathematical point of view.

Economists have long known that people are an important part of the wealth of nations.

There are comparatively few significant inefficiencies in the allocation of the factors of production in traditional agriculture.

The dominant social thought shapes the institutionalized order of society... and the malfunctioning of established institutions in turn alters social thought.

Theodore W. Schultz (1977)

The advance in knowledge and useful new factors based on such knowledge are all too frequently put aside as if they were not produced means of production but instead simply happened to occur over time. This view is as a rule implicit in the notion of technological change.

Much of what we call consumption constitutes investment in human capital. Direct expenditures on education, health, and internal migration to take advantage of better job opportunities are clear examples. Earnings foregone by mature students attending school and by workers acquiring on the-job training are equally clear examples.

Attribution

Quotes and notes from Wikiquote: Theodore Schultz (page history), available under CC BY-SA 4.0.