April 30, 1902–February 25, 1998


THEODORE WILLIAM SCHULTZ was an outstanding innovator in the development of economics, a teacher who had a remarkable impact on hundreds of students, a highly successful academic administrator, and a keen observer of the world in which he lived. I know of no one who learned more from direct observation than he did. Whenever he had the opportunity, he went to the field, so to speak, to see how real people addressed their problems. While he always cherished the structure of economic analysis as it existed, he wanted that structure to help him understand what went on in the world. If it didn't, he thought that the structure or the implications that were commonly attributed to it should be revised. As will be noted, he was responsible for a number of important innovations in the way economics helps us view reality.

He was born on a farm near Arlington, South Dakota, on April 30, 1902; he died on February 26, 1998, at the age of ninety-five. He was one of eight children, with four brothers and three sisters. He was unable to attend high school because he was needed on the farm. In 1921 he attended a short course at South Dakota State College. Someone at the college recognized that he was an obviously unusual individual,

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