Theodore Schultz: Economics

Theodore Schultz was American economist. Explore interesting quotes on economics.
Theodore Schultz: 30   quotes 1   like

“Although it is obvious that people acquire useful skills and knowledge, it is not obvious that these skills and knowledge are a form of capital, that this capital is in substantial part a product of deliberate investment, that it has grown in Western societies at a much faster rate than conventional (nonhuman) capital, and that this growth may well be the most distinctive feature of the economic system.”

Theodore Schultz

Source: "Investment in human capital," 1961, p. 1

People , Knowledge , Parting

“Cultural and behavioral scholars are uneasy about this use of their studies. Fortunately, the intellectual tide has begun to turn. Increasing numbers of economists have come to realize that standard economic theory is just as applicable to the scarcity problems that confront low income countries as to the corresponding problems of high income countries.”

Theodore Schultz

"The Economics of Being Poor," (1979)

Behavior , Problem , Study , Country

“The adverse economic events following the First World War turned me toward economics… I learned during my youth how hard it was for farm families to stay solvent. Farm product prices fell abruptly by more than half. Banks went bankrupt and many farmers suffered foreclosures. Was politics or economics to blame? I opted for economics.”

Theodore Schultz

" Nobelprize.org: Autobiography http://www.nobelprize.org/nobel_prizes/economics/laureates/1979/schultz-autobio.html," in: Nobel Lectures, Economics 1969-1980, Editor Assar Lindbeck, World Scientific Publishing Co., Singapore, 1992

War , Youth , World , Family

“Most people in the world are poor. If we knew the economy of being poor, we would know much of the economics that really matter. Most of the world's poor people earn their living in agriculture. If we knew the economics of agriculture, we would know much of the economic of being poor.”

Theodore Schultz

"The Economics of Being Poor," (1979)

People , World

“This branch of economics has suffered from several intellectual mistakes. The major mistake has been the presumption that standard economic theory is inadequate for understanding low income countries and that a separate economic theory is needed. Models developed for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities.”

Theodore Schultz

"The Economics of Being Poor," (1979)

Understanding , Suffering , Country