Schultz's view of economic development was grounded in the conviction that agricultural development is the indispensable precondition to industrialization. In applying classical economic analysis to agriculture in poor countries, he proposed that human capital could be studied in the same terms commonly applied to capital in the usual sense. The result was a theory of investment in and returns from human capital as the wellspring of development and as the only genuine solution to the problem of poverty.
Among his publications were Agriculture in an Unstable Economy (1945),
The Economic Value of Education (1963), Economic Growth and Agriculture
(1968), Investment in Human Capital (1971), and Investing in People:
The Economics of Population Quality (1981).
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