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,” explicated in books such as Investing in People (1981) and several major papers, including “Investing in human capital” (1961) and “Transforming traditional agriculture” (1964).
He was co-winner (with William Arthur Lewis) of the 1979 Alfred Nobel Memorial Prize in Economic Sciences. Schultz died in 1998.