Thought

Jorge Luis Borges

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Universal history is the history of a few metaphors.

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On April 30, 1902, economist Theodore W. Schultz was born. His work studying the quick post-war recovery in Germany and Japan led to his development of “human capital theory” in several major papers, including “Investing in human capital” (1961) and “Transforming traditional agriculture” (1964). In a book written for a more general audience, Investing in People (1981), he invested in a wider readership by surveying the main themes of his research.

He was co-winner (with William Arthur Lewis) of the 1979 Alfred Nobel Memorial Prize in Economic Sciences. Schultz died in 1998.