The adverse economic events following the First World War turned me toward economics. Theodore Schultz More Quotes by Theodore Schultz More Quotes From Theodore Schultz And for man to look upon himself as a capital good, even if it did not impair his freedom, may seem to debase him... by investing in themselves people can enlarge the range of choice available to them. It is one way free men can enhance their welfare. Theodore Schultz men philosophy people Most of the people in the world are poor, so if we knew the economics of being poor, we would know much of the economics that really matters. Most of the world's poor people earn their living from agriculture, so if we knew the economics of agriculture, we would know much of the economics of being poor. Theodore Schultz economics poor people world My schooling was disrupted by the shortage of labor during World War I. It meant foregoing high school. Then, late in 1921, I entered upon a short course in agriculture at South Dakota State College. I managed to enter college in 1924, and I was permitted to complete my college work in three years. Theodore Schultz work war world school My professional apprenticeship at Iowa State College from 1930 to 1943 could not have been better; the Great Depression made it so, and the talented younger economists at Ames during that period made it an exciting and profitable intellectual experience. Theodore Schultz better great experience depression In general, I avoided giving lectures or attaching myself while abroad to a university. To learn what I wanted to know, I went instead to rural communities and onto actual farms. Talk with university people, government officials and U.S. personnel stationed in the country was much less rewarding for me. Theodore Schultz myself me government people People who are rich find it hard to understand the behavior of poor people. Economists are no exception, for they, too, find it difficult to comprehend the preferences and scarcity constraints that determine the choices that poor people make. Theodore Schultz understand rich behavior people Farmers the world over, in dealing with costs, returns and risks, are calculating economic agents. Within their small, individual, allocative domain, they are fine-tuning entrepreneurs, tuning so subtly that many experts fail to recognize how efficient they are. Theodore Schultz risks small farmers world What many economists fail to understand is that poor people are no less concerned about improving their lot and that of their children than rich people are. Theodore Schultz understand rich children people
