Investing in People - (Royer Lectures) by Theodore W Schultz (Paperback)

Book Synopsis

Investing in People: The Economics of Population Quality by Nobel laureate Theodore W. Schultz redefines the role of human capital in economic development, offering a transformative perspective on global productivity and well-being. Schultz argues that education, skills, health, and entrepreneurial ability are the critical drivers of progress, challenging the outdated notion that physical limitations like land or resources constrain growth. Drawing on decades of expertise in agriculture and development, he demonstrates how investments in population quality--particularly in low-income countries--unlock potential for sustainable economic advancement. His analysis illuminates the increasing value of human time and knowledge, a shift that has reshaped income structures in industrial nations and holds promise for bridging gaps in global prosperity.

The book critiques prevailing policies of governments and international aid organizations, exposing inefficiencies that hinder human capital development. Schultz calls for rethinking approaches to education, research, and economic interventions, especially in fostering entrepreneurial ability and addressing distortions caused by inequitable policies. Grounded in the 1980 Royer Lectures at UC Berkeley, the work blends robust theory with practical insights, making a compelling case for prioritizing human capital as the cornerstone of economic resilience and progress. Investing in People is an essential read for economists, policymakers, and educators committed to understanding and leveraging the transformative power of human potential.

This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1981.