Theodore William Schultz received in 1979 along with William Arthur Lewis the prize for economics the Bank of Sweden in memory of Alfred Nobel.
Schultz visited to study agriculture from 1921, the South Dakota State College. After graduating in 1927, he went to the University of Wisconsin- Madison, where he received his doctorate at 1930 in Agricultural Economics ( Agricultural Economics ). 1930 to 1943 he taught at Iowa State College and 1946 to 1961 he was professor at the University of Chicago.
His work showed on the context of the educational level of the population with the economic prosperity and pleaded for a training program for developing countries. Among other things, he examined why Japan and Germany recovered quickly after the Second World War as an example UK and attributed this to good health care and education. He was one of the founders of the human capital theory. He produced important works in the field of agricultural economics.
In 1960 he became president of the American Economic Association.
- Redirecting Farm Policy, Macmillan 1943
- Agriculture in a unstable economy. McGraw Hill 1945
- The Economic Organization of Agriculture. McGraw Hill 1953
- The Economic Value of Education. Columbia University Press 1963
- Transforming Traditional Agriculture. Yale University Press 1964
- Economic Growth and Agriculture. McGraw Hill 1968
- Investment in Human Capital. The Role of Education and of Research. New York: Free Press 1971
- Human Resources, Human Capital. Policy issues and research opportunities. New York: National Bureau of Economic Research 1972
- Investing in People. The Economics of Population Quality. University of Chicago Press, 1981 Investing in People. The economics of population quality. Mohr, Tübingen, 1986, ISBN 3-16-944837-4