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The Nobel Memorial Laureates in Economics

The Nobel Memorial Laureates in Economics

An Introduction to Their Careers and Main Published Works

Howard R. Vane and Chris Mulhearn

Erudite, accessible and lucidly written, this book provides a stimulating introduction to the careers and main published works of the Nobel Memorial Laureates in Economics. It will prove to be an invaluable reference book on key figures in economics and their path-breaking insights. The vignettes should also encourage the reader to sample some of the Laureates’ original works and gain a better understanding of the context in which new ideas were first put forward.

Chapter 11: THE 1979 NOBEL MEMORIAL LAUREATES THEODORE SCHULTZ AND ARTHUR LEWIS

Howard R. Vane and Chris Mulhearn

Subjects: economics and finance, economic psychology, history of economic thought

Extract

THE 1979 NOBEL MEMORIAL LAUREATES THEODORE SCHULTZ AND ARTHUR LEWIS THEODORE SCHULTZ Theodore W. Schultz (1902–98) © The Nobel Foundation Theodore Schultz was born in Arlington, South Dakota, USA in 1902. He studied agricultural economics at South Dakota State College where he received a bachelor’s degree in 1926, before obtaining an MS and PhD from the University of Wisconsin in 1928 and 1930, respectively. In 1930, Schultz began his career as a teacher at Iowa State College (an agricultural college), where he served as head of the Department of Economics and Sociology between 1934 and 1943. In 1943 he moved to the University of Chicago, where he was Professor of Economics from 1943 to 1952, and Charles L. Hutchinson Distinguished Service Professor from 1952 until his retirement in 1972. During his career at the University of Chicago he served as chairman of the Department of Economics from 1946 to 1961. Schultz’s many offices and honours included presidency of the American Economic Association in 1960 and the award of the Francis A. Walker Medal of the American Economic Association in 1972, and the Leonard Elmhirst Medal of the International Agricultural Economic Association in 1976. In 1979 he was awarded jointly with Arthur Lewis the Nobel Memorial Prize in Economics ‘for their pioneering research into economic development research with particular consideration of the problems of developing countries’ (Nobel Foundation, 2004). 104 THEODORE SCHULTZ Schultz began his academic career as an agricultural economist. Initially focusing his research on the crises and problems...

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