The American economist who showed that farmers in poor countries make rational decisions given the incentives they face, founding work in the economics of agricultural development; awarded the Nobel Memorial Prize in Economic Sciences in 1979. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
Facts
Defining ContributionArgued that farmers in poor countries who appear not to innovate are making the rational choice given high taxes and artificially low prices set by their own governments, reframing agricultural underdevelopment as a problem of incentives rather than of peasant irrationality. 1 Connections
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1. Theodore Schultz (Wikipedia)
Wikimedia FoundationAgricultural Development Theory sectionQuote, Agricultural Development Theory section
One of Theodore Schultz's major contributions to economic theory is his theory outlined in his book Transforming Traditional Agriculture which was published in 1964.
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