The Elgar Companion to the Chicago School of Economics
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The Elgar Companion to the Chicago School of Economics

Edited by Ross B. Emmett

Many know the Chicago School of Economics and its association with Milton Friedman, George Stigler, Ronald Coase and Gary Becker. But few know the School’s history and the full scope of its scholarship. In this Companion, leading scholars examine its history and key figures, as well as provide surveys of the School’s contributions to central aspects of economics, including: price theory, monetary theory, labor and economic history. The volume examines the School’s traditions of applied welfare theory and law and economics while providing a glimpse into emerging research on Chicago’s role in the development of neoliberalism.
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Chapter 15: Henry Schultz

D. Wade Hands


D. Wade Hands Henry Schultz (1893–1938) was a member of the Chicago Economics Department for only twelve years (1926–38). After completing his magnum opus The Theory and Measurement of Demand (1938), he took a semester’s leave to teach at UCLA; where, on November 26, 1938 he was killed – along with his wife and two daughters – in a car accident on a mountain road near San Diego. Harold Hotelling reports that: ‘He jestingly remarked after the completion of this book that it was a good time to die’ (Hotelling 1939, p. 98). Despite the brevity of his professional career, Schultz had a profound impact on both the Chicago School and the economics profession more generally. Schultz was born in Poland in 1893 and immigrated to the United States in 1907. In 1916 he received a Bachelor of Arts degree from City College of New York and entered Columbia University. His Columbia studies were interrupted by military service and later by an army scholarship to the London School of Economics and the Galton Laboratory of University College London. After he returned to the United States he was employed by a number of governmental agencies including the War Trade Board, the Bureau of the Census, and the Children’s Bureau of the Department of Labor. He completed his Columbia PhD in 1925, and his dissertation research – ‘The statistical law of demand as illustrated by the demand for sugar’ – was published in the Journal of Political Economy the same year (Schultz 1925). His...

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