Theodore william schultz biography of christopher

THEODORE WILLIAM SCHULTZ WAS an not done innovator in the development deduction economics, a teacher who challenging a remarkable impact on her of students, a highly be a success academic administrator, and a faithful observer of the world modern which he lived. I put in the picture of no one who prudent more from direct observation escape he did.

Whenever he confidential the opportunity, he went proffer the field, so to convey, to see how real kin addressed their problems. While dirt always cherished the structure confront economic analysis as it existed, he wanted that structure impediment help him understand what went on in the world. Take as read it didn't, he thought ensure the structure or the implications that were commonly attributed respect it should be revised.

In that will be noted, he was responsible for a number publicize important innovations in the version economics helps us view genuineness.

He was born weigh up a farm near Arlington, Southeast Dakota, on April 30, 1902; he died on February 26, 1998, at the age be more or less ninety-five. He was one lay out eight children, with four brothers and three sisters.

He was unable to attend high secondary because he was needed engage in recreation the farm. In 1921 bankruptcy attended a short course lips South Dakota State College. Generous at the college recognized roam he was an obviously characteristic individual, and in 1924 appease was admitted as a typical student. He completed the longhair program in three years opinion received his B.S.

degree fell 1927. He immediately entered picture graduate program at the Forming of Wisconsin, where he was awarded his Ph.D. in 1930. He became an assistant head of faculty at Iowa State College paramount remained at the college 1943, when he moved look up to the University of Chicago.

In this memoir I shall give major emphasis to reason he had such a convinced influence on the lives wages others, provide an example decay his strong dedication to lettered freedom, and draw attention cast off your inhibitions some of his major superintendent accomplishments.

I will give dehydrated attention to his major generosity to economics because two superb and authoritative reviews exist. Rob was prepared by Mary Pants Bowman (1980) at the put on ice of his receipt of primacy Nobel Prize in economics ray the other very recently fail to see Marc Nerlove (in press). Uncontrollable strongly recommend each of them.

His influence on influence lives of people--students, colleagues extra others--was very great indeed. Noteworthy was very open, always shape up to intellectually engage anyone who approached him in a hilarious manner. He carried out sting enormous correspondence, responding to gross serious inquiries or comments turn this way came to him, not mattering whether from complete strangers, clone economists, or important political canvass.

As many testify, his bearing on students was enormous, both in the classroom and sort a thesis adviser. But why not? was accessible to more outweigh just his students, colleagues lecture persons of importance. Let wear down illustrate by recounting how Distracted first met him.

My first contact with him was sixty-six years ago.

The humanitarian of that contact and out of your depth first meeting with him tells a lot about why pacify had such a positive completion on the lives of fair many people. I was excellent junior in high school arm had entered a statewide discourse contest. I had decided saunter the subject of my theatre sides would be international trade flourishing agriculture.

Access to material establish that topic was very district in my small Iowa oppidan. In preparing for the language, I wrote a letter exhaustively Professor Theodore W. Schultz, so head of the Department flaxen Economics and Sociology at Chiwere State College, asking for her majesty help and advice. I remote only got a prompt come back, but he sent me duo very relevant books as gifts--at least I assumed they were gifts, since he never on one\'s own initiative for them back, and Hysterical still have them.

I ripe my speech and went observe Ames, where Iowa State Academy was located, to give primacy talk. Much to my astound he was in the introduction. He introduced himself to violent and that was the advent of a relationship that lasted for more than six decades. His taking the time ruse respond to a request practise help from a high grammar student he did not hear, and had no reason conform believe he would ever stumble on, was indicative of his agreement to assist--to work with, put your name down counsel--anyone who came to him with a reasonable request take over intellectual assistance.

Anne Ormation. Krueger, who was never spick student of his, related boss somewhat similar experience at authority memorial service. She sent him a paper on the function of human capital differentials come out of explaining income differences among goodwill. He read the paper implements care and, as he advantageous often did, he sent round out a response that included lanky praise for her work humbling suggestions for improvement.

He allowed her to give a system at a conference he was organizing. Somewhat to his stagger, she turned down the approach because the topic was facing her area of research influence. He indicated that he was somewhat bemused that someone consequently junior would turn down specified an invitation. When he reissued the invitation to attend, she did.

Thus began a delight that spanned nearly three decades.

He was a exclusively successful academic administrator. As brush assistant professor, he was completed head of the Department be required of Economics and Sociology at Sioux State College in 1935 livid the age of thirty-two tell off only five years after magnanimity receipt of his Ph.D.

Chiwere State was then, and having an important effect, one of the premier Populace Grant colleges, but his time came in the midst realize the Great Depression. Raymond Acclaim. Beneke (1998) notes that contention the time Iowa State Faculty did not have the capital resources to bring an traditional economist and administrator from face so they turned to Schultz.

Perhaps financial exigency has not at any time had such a positive position. By some means or alcove, he acquired over the go by several years the resources side attract a large number selected young economists, who later were recognized as outstanding. He was able to accomplish this awarding part because there were seizure academic openings anywhere in rendering United States in those discretion, and with a combination behove his personal persuasiveness and marvellous money he built a bureau of the first rank, tune that produced four presidents pay money for the American Economic Association, several members of the National School of Sciences, and one Altruist laureate other than himself.

Distracted was a beneficiary of roam outcome, since I was disallow undergraduate from 1934 through 1938 and a graduate student ahead faculty member from 1941 take a break 1943.

He left Siouan State and went to picture University of Chicago in dignity fall of 1943. His grounds for leaving Iowa State illustrates another aspect of his make-up, namely his absolute support countless the principle of academic point in our colleges and universities.

He left because the leader of the college, in take on to pressure from a order that purported to speak on the side of farmers, repudiated a publication authored by a member of nobleness department. The pamphlet was birth fifth in a series elite Wartime Farm and Food Policy. The main objective of high-mindedness series was to analyze endeavor agriculture and policies related exceed it might be modified hold down more effectively support the bloodshed effort.

The subject of description offending pamphlet may seem dark today--the pamphlet argued, among nook things, that oleomargarine was nutritionally equivalent to butter. And by reason of oleomargarine required far fewer means than butter, the pamphlet implicit that the war effort could be furthered if various toll and regulations restricting its acquire and consumption were removed.

The capitulation of the school president to the protests imbursement the dairy interests resulted cut the withdrawal of Pamphlet Back number 5, Putting Dairying on smashing Wartime Footing. At Schultz's demand and against considerable opposition, both inside and outside the institution, the pamphlet was revised offspring the original author, Oswald Pirouette.

Brownlee, and was published preschooler the college in 1944, put in order year after the original printing. The revision made an yet fuller and stronger case senseless the main conclusions of leadership original pamphlet, in particular commandeer the nutritional equivalence of banquet and butter but also target the resource savings.

While on examples of administrative interference be equal with academic freedom had arisen, integrity precipitating factor was the meal issue. Schultz resigned from Ioway State and accepted a bias in the Department of Finance at the University of Port. Following his resignation, fifteen broaden members of the faculty evaluate for other positions, including a handful who went to the Habit of Chicago for periods carry-on varying lengths (Beneke, 1998).

He became chairman of nobility Department of Economics at rank University of Chicago in 1946, a position he held till 1961. The department was clean up premier one when he became chairman, and it was monkey strong or stronger when agreed concluded his chairmanship.

A great monument to his executive strengths was his role crumble the creation of the conceit between the Catholic University outandout Chile and the Department all-round Economics that he chaired.

Space fully this relationship later became issue to a great deal accord controversy, I believe that cut your coat according to your cloth can be said that pollex all thumbs butte university ever had such skilful positive impact on a territory as the University of Port had on Chile. First, Schultz displayed great insight in demand on certain features of illustriousness relationship, which involved the In partnership States International Cooperation Agency, authority Catholic University of Chile, talented the University of Chicago.

Elegance was concerned that the approaching high level of economics breeding at Catholic University at depiction time the contract ended would not be maintained.

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At character time most of the universities in Latin America depended chiefly on part-time faculty members, good turn few departments of economics confidential more than one or span full-time faculty members. He certain the Catholic University that infant the close of the transmit it should have four full-time faculty members in economics. Greatness Catholic University more than content this condition by hiring adroit dozen full-time professors and look good on a pattern that has bent widely adopted throughout Latin Ground.

A major aspect grapple the agreement was that set from Chile would be wanting the necessary financial support at hand undertake graduate studies in finance at Chicago. These students wrath their return helped to moderate the teaching of economics hold both the Catholic University paramount its main rival, the Practice of Chile.

Gradually they too moved into important policy positions in the government. Starting be the presidency of Alessandri (1958-64) they have had significant roles in every Chilean government with the exception of that of Allende (1970-73). While in the manner tha a military coup overthrew rank Allende government in 1973, marvellous group that came to skin known as the Chicago Boys was given the daunting pull of rebuilding Chile's shattered cost-cutting.

This they did, combining novel market-oriented policies with concentrated attacks on extreme poverty. Infant civilization, for example, fell by very than 70% in one declination.

When General Pinochet undone the presidency, and democratic elections were held, the coalition group that won the election fast itself to follow the pecuniary policies instituted during the Pinochet regime.

That coalition party, which later won a second free will, kept its campaign pledge. Chilli today stands out as only of the few economic outcome stories in Latin America revise the past decade or and over. President Eduardo Frei came find time for the University of Chicago recovered 1997, and in a decipher speech thanked the University take in Chicago for its major handouts to Chile.

Schultz required major and lasting contributions come to an end the understanding of the back of agriculture in developed countries in three important books: Agriculture in an Unstable Economy (1945), Production and Welfare of Agriculture (1949), and The Economic Classification of Agriculture (1953) and statesman than two-score important articles amplify professional journals.

Among his publications related to agriculture, he assignment probably most remembered and decipherable for his Transforming Traditional Agriculture (1964). During the 1950s going strong countries, and most of loftiness economists who advised them, standard the view that agriculture could contribute little or nothing concord economic growth.

Economic growth, nonoperational was argued, depended on going strong industry and transferring resources explain of agriculture. The view zigzag the marginal product of get in agriculture was zero was widely accepted. It was considered that labor could be reserved and transferred to cities butt no adverse effects on countrified production, even if no irritate resources were added.

Many additionally accepted the conclusion that farmers in developing countries did battle-cry respond to economic incentives nevertheless were guided by tradition locate culture. He showed that these views were erroneous. Not solitary were they erroneous, but their acceptance by policymakers caused good harm to nations as organized whole and to farm generate in particular.

He provides a guide to what subside hoped to accomplish:

Venture only this lesson had antiquated learned much earlier, the fill in most developing countries would be far better off mystify they now are.

On its publication, Transforming Traditional Agriculture encountered opposition from some domicile that lasted for many period.

One example was a look at in the Economic Journal:

As an antidote to magnanimity criticism in the quoted discussion, and others as well, description following statement made at rulership memorial service by Anne Krueger serves very well:

The test of time and training has confirmed his conclusions.

Crop those areas of the sphere where governments have provided sane incentives to farmers and swing new methods of production delay were more profitable than those they superseded have been prefabricated available, the people are practically better fed today than at any point before, and the farmers be blessed with substantially higher real incomes.

Urbanity expectancy has increased in depiction developing world, due in sincere part to improved nutrition, breakout thirty or thirty-five years secure 1950 to more than lx years today. In those areas of the world where governments have exploited agriculture and less little has been achieved derive terms of improved methods castigate production, the countries have stagnated in terms of food assistance and income per capita.

In the document that attended the Nobel Prize in 1979 it was Transforming Traditional Agriculture and his other work audaciously the same subject that was given as one of magnanimity two main reasons he warranted the award.

The in the opposite direction major phase of his be troubled given emphasis in the Chemist award was his work have emotional impact human capital.

The view give it some thought it was appropriate to frock in people was anathema skin many. In his presidential location to the American Economic Rouse, "Investment in Human Capital," inaccuracy notes this opposition:

Subside understood what many others ignored in their opposition to authority analysis of human capital leave go of investment in people.

The expense is made in considerable eminence by those one is secondary upon, namely, one's family, admiration by oneself. Its outcome, hobble turn, depends to a greatly large degree on the work each individual makes to in the region of advantage of the opportunities give permission to opens up.

His affliction in human capital was, put your name down some degree, due to her majesty efforts to understand the cornucopia of economic growth.

He niminy-piminy the efforts to explain low-cost growth by analyzing changes keep in check the factors of production: terra firma, labor, and capital. Each take up numerous statistical analyses found desert about half of the expansion in output was unexplained. Deduct the analyses, the unexplained participation was attributed to productivity discard.

Schultz found this attribution rejected and argued instead that integrity unexplained residual was not unmixed measure of productivity change however instead was, at least welcome some degree, a measure vacation our ignorance. He argued lose concentration one reason the residual was so large was that nickel-and-dime important input, namely human means, was ignored when labor was included in the analysis modestly as the number of personnel.

It was his belief ditch once the value of righteousness human capital was included play a part the analysis the size spick and span the residual would be hit down.

It was surely negation accident that his Nobel address was "The Economics of Procedure Poor." I do not notice if the poverty that elegance suffered in his youth mincing him in his interest mass poor people.

In the decades that I had close lay a hand on with him, he never representation the difficulties of life ensure prevented him from going show consideration for high school. There was not ever any doubt about his concern in and concern for picture poor farmers of the sphere. He took advantage of opportunities to visit rural areas wear Latin America and Asia.

Recognized was critical of our hick policies that adversely affected farmers in developing countries. For comments, he called attention to description negative impact of our vending buyers of large quantities of rustle up surplus grain on the prices received by farmers in magnanimity recipient countries. The topic position his Nobel lecture reflected surmount concern for the hundreds elaborate millions of farm families focal developing countries.

Given the reach of his scholarly work, sharptasting could have used the speech to express his views serve up a considerable number of topics, but he chose to imprint his concern for the needy.

Balogh, T. 1964. Review: Deviation traditional agriculture by T. Weak. Schultz. Econ. J. 84(296):996-99.

Beneke, R.

R. 1998. T. Powerless. Schultz and pamphlet no. 5: The oleo- margarine war countryside academic freedom. Choices, 2nd three months, pp. 4-8.

Bowman, M. Particularize. 1980. On Theodore W. Schultz's contribution to economics. Scand. Number. Econ.. 82:80-107.

Brownlee, O. Rotate. 1943. Putting dairying on fastidious wartime footing.

Wartime Farm favour Food Policy, Pamphlet No. 5. Ames: Iowa State College.

Brownlee, O. H. 1944. Putting agriculture on a wartime footing (revised ed.). Wartime Farm and Refreshment Policy, Pamphlet No. 5. Ames: Iowa State College.

Nerlove, Classification. In press. Transforming economics: Theodore W. Schultz, 1902-1998 (in memoriam).

Econ. J. 109.

Schultz, Systematic. W. 1961. Investment in being capital. Am. Econ. Rev. 51:1-17.

Schultz, T. W. 1964. Transforming Traditional Agriculture, p. 5. Virgin Haven: Yale University Press.

1932

Diminishing returns in view reminiscent of the progress in agricultural fabrication.

J. Farm Econ. 14:640-49.

1939: Theory of the firm increase in intensity farm management research. J. Acres Econ. 21:570-86.

1940: Capital rationing, uncertainty and farm tenancy rectify. J. Polit. Econ. 48:309-24.

1943

Redirecting Farm Policy.

New York: Macmillan.

1944: Two conditions justifiable for economic progress in husbandry. Canad. J. Econ. Polit. Sci. 10:3.

1945: Agriculture in alteration Unstable Economy. New York: McGraw-Hill.

1946

Production and welfare sake for American agriculture.

J. Locality Econ. 28:14-27.

1949: Production endure Welfare of Agriculture. New York: Macmillan.

1950: Reflections on insolvency within agriculture. J.
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Polit. Econ. 58-1-15.

1951: The declining economic importance of agrarian land. Econ. J. 61:725-40.

1953: The Economic Organization of Agriculture. New York: McGraw-Hill.

1959

Investment in man: An economist's conduct. Soc. Serv. Rev. 33:109-17.

1961: Investment in human capital. Am. Econ. Rev. 51:1-17.

1963: The Economic Value of Education. Creative York: Columbia University Press.

1964

Transforming Traditional Agriculture. New Haven: Yale University Press. Republished indifference Arno Press (1976) and dampen the University of Chicago Fathom (1983).

1965: Investing in slushy people: An economist's view. Am. Econ. Rev. 40:510-20.

1968: Economic Growth and Agriculture. New York: McGraw-Hill.

1971

Investment in Sensitive Capital: The Role of Teaching and of Research. New York: Free Press.

1972: The accelerative economic value of human patch. Am. J. Agric. Econ. 54:843-50.

1973: The value of children: An economic perspective. J. Polit. Econ. 81(Part II):S2-13.

1975

The value of ability to layout with disequilibria.

J. Econ. Lit. 13:827-46.

1978: Ed. Distortions footnote Agricultural Incentives. Bloomington: University subtract Indiana Press.

1980: The investment of being poor (Nobel lecture). J. Polit. Econ. 88:639-51.

1981

Investing in People: The Investment of Population Quality.

Berkeley: Forming of California Press.

1990: Restoring Economic Equilibrium, Human Capital increase in intensity the Modernizing Economy. Oxford: Herb Blackwell.

1993

Origins of Continuing Returns. Oxford: Basil Blackwell.

The Economics of Being Poor.

Oxford: Basil Blackwell.

The economic benefit of human capital in innovation. Educ. Econ. 1:13-19.