SCHULTZ (Theodore W.)
Investment in Human Capital. The Role of Education and of Research.
The principal work by the Nobel Prize winning economist Theodore W. Schultz in which he advocated for ‘the importance of human capital and particularly education for understanding economic growth in developed and developing countries’ (New Palgrave).
“The thrust of this work is primarily to clarify the processes and opportunities that provide the incentive to invest in human capital. In this book, I consider mainly formal education and organized research. I have tried to keep the exposition meaningful to readers who would shy away from technical economics. Most of the book pertains to the investment in formal education; my hope is that it is intelligible to those who make such investment decisions, whether they be students, their parents, teachers, academic entrepreneurs, or public agencies.” (from preface)
Schultz was awarded the 1979 Nobel Memorial Prize in Economic Sciences ‘for pioneering research into economic development research with particular consideration of the problems of developing countries’.
