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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.

— Theodore Schultz

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More quotes by Theodore Schultz

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)

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Quote text and notes from Wikiquote: Theodore Schultz (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.