September 4, 1893
|Died||November 26, 1938 45) (aged|
|Alma mater|| College of the City of New York |
London School of Economics
University College London
|Institutions|| United States Census Bureau |
United States Department of Labor
University of Chicago
|Doctoral advisor||Henry L. Moore|
|Doctoral students|| Herbert A. Simon |
Theodore O. Yntema
H. Gregg Lewis
Henry Schultz (September 4, 1893 – November 26, 1938) was an American economist, statistician, and one of the founders of econometrics. Paul Samuelson named Schultz (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Frank Knight, Jacob Viner, and Wesley Clair Mitchell) as one of the several "American saints in economics" born after 1860.
Henry Schultzwas born on September 4, 1893 in a Polish Jewish family in Sharkawshchyna, in the Russian Empire (now part of Belarus). " Schultz's family - father, mother (Rebecca Kissin) with their 2 sons - Henry and his brother Joseph moved to New York City in the United States. Henry Schultz completed his primary education, as well as undergraduate studies at the College of the City of New York, receiving a BA in 1916. For graduate work, Henry Schultz enrolled at Columbia University, but had to interrupt studies in 1917 because of World War I. After the war he received a scholarship which enabled him to spend 1919 at the London School of Economics and the Galton Laboratory of University College London, where he had the opportunity to attend Karl Pearson's lectures on statistics.
After returning to the US, in 1920 Schultz married to Bertha Greenstein. In the future years, the couple had two daughters, Ruth and Jean. Schultz continued studying for his doctoral degree at Columbia, while at the same time conducting statistical work for the War Trade Board, the United States Census Bureau and the United States Department of Labor. He was awarded a PhD in economics from Columbia in 1925 with a thesis entitled Estimation of Demand Curves , written under the supervision of Henry L. Moore.
In 1926, Schultz went to the University of Chicago, where he spent the rest of his career teaching and doing research. In 1930, he was one of the sixteen founding members of the Econometric Society.
Henry Schultz died on November 26, 1938, near San Diego, California, in a car accident that also killed his wife and his two daughters.
Led by his belief that economics needs rigorous quantitative study to become a science,Henry Schultz was one of the founders of mathematical and statistical economics. His research was centered around a large program dedicated to the theory and estimation of private demand for goods functions, a project which started in the early 1920s, during his studies at the University of Chicago, and was completed shortly before his death with the publication of his book, The Theory and Measurement of Demand.
Schultz was the doctoral thesis advisor for several students at Chicago, notably 1978 Nobel Prize in Economics winner Herbert A. Simonand future Cowles Commission director Theodore O. Yntema. Schultz also influenced Milton Friedman, who was his student and, for a year, his research assistant.
Schultz started a mathematical economics school at the University of Chicago which, after his death, was in danger to disappear. This prompted the University to invite the Cowles Commission, which had a research agenda focused on empirical economics, to move its headquarters there. As a result, the Commission moved to the University of Chicago in 1939 and Theodore O. Yntema, one of Schultz's students, was named as its new president.
His namesake professorship at the University of Chicago, the Henry Schultz Distinguished Service Professor in Economics, is held by Nobel Laureate James Heckman.
James Joseph Heckman is a Nobel Prize winning American economist who is currently at the University of Chicago, where he is The Henry Schultz Distinguished Service Professor in Economics and the College; Professor at the Harris School of Public Policy; Director of the Center for the Economics of Human Development (CEHD); and Co-Director of Human Capital and Economic Opportunity (HCEO) Global Working Group. He is also Professor of Law at the Law School, a senior research fellow at the American Bar Foundation, and a research associate at the National Bureau of Economic Research. In 2000, Heckman shared the Nobel Memorial Prize in Economic Sciences with Daniel McFadden, for his pioneering work in econometrics and microeconomics. As of December 2020, according to RePEc, he is the second most influential economist in the world.
Ragnar Anton Kittil Frisch was a Norwegian economist and the co-recipient of the first Nobel Memorial Prize in Economic Sciences in 1969. He is known for being one of the founders of the discipline of econometrics, and for coining the widely used term pair macroeconomics/microeconomics in 1933.
Sir John Hicks was a British economist. He is considered one of the most important and influential economists of the twentieth century. The most familiar of his many contributions in the field of economics were his statement of consumer demand theory in microeconomics, and the IS–LM model (1937), which summarised a Keynesian view of macroeconomics. His book Value and Capital (1939) significantly extended general-equilibrium and value theory. The compensated demand function is named the Hicksian demand function in memory of him.
Lawrence Robert Klein was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Pennsylvania, he was awarded the Nobel Memorial Prize in Economic Sciences in 1980 specifically "for the creation of econometric models and their application to the analysis of economic fluctuations and economic policies." Due to his efforts, such models have become widespread among economists. Harvard University professor Martin Feldstein told the Wall Street Journal that Klein "was the first to create the statistical models that embodied Keynesian economics," tools still used by the Federal Reserve Bank and other central banks.
Frank Hyneman Knight was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago School. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking. F.A. Hayek considered Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century. Paul Samuelson named Knight as one of the several "American saints in economics" born after 1860.
Herman Ole Andreas Wold was a Norwegian-born econometrician and statistician who had a long career in Sweden. Wold was known for his work in mathematical economics, in time series analysis, and in econometric statistics.
Robert Fry Engle III is an American economist and statistician. He won the 2003 Nobel Memorial Prize in Economic Sciences, sharing the award with Clive Granger, "for methods of analyzing economic time series with time-varying volatility (ARCH)".
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Theodore William Schultz was an American economist and chairman of the University of Chicago Department of Economics. Schultz rose to national prominence after winning the 1979 Nobel Memorial Prize in Economic Sciences.
Henry Ludwell Moore was an American economist known for his pioneering work in econometrics. Paul Samuelson named Moore as one of the several "American saints in economics" born after 1860.
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The Cowles Foundation for Research in Economics is an economic research institute at Yale University. It was created as the Cowles Commission for Research in Economics at Colorado Springs in 1932 by businessman and economist Alfred Cowles. In 1939, the Cowles Commission moved to the University of Chicago under Theodore O. Yntema. Jacob Marschak directed it from 1943 until 1948, when Tjalling C. Koopmans assumed leadership. Increasing opposition to the Cowles Commission from the department of economics of the University of Chicago during the 1950s impelled Koopmans to persuade the Cowles family to move the commission to Yale University in 1955 where it became the Cowles Foundation.
Jacob Marschak was an American economist.
Leonid "Leo" Hurwicz was a Polish-American economist and mathematician, known for his work in game theory and mechanism design. He originated the concept of incentive compatibility, and showed how desired outcomes can be achieved by using incentive compatible mechanism design. Hurwicz shared the 2007 Nobel Memorial Prize in Economic Sciences for his seminal work on mechanism design. Hurwicz was one of the oldest Nobel Laureates, having received the prize at the age of 90.
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Charles Frederick Roos was an American economist who made contributions to mathematical economics. He was one of the founders of the Econometric Society together with American economist Irving Fisher and Norwegian economist Ragnar Frisch in 1930. He served as Secretary-Treasurer during the first year of the Society and was elected as President in 1948. He was director of research of the Cowles Commission from September 1934 to January 1937.
Susanne M. Schennach is an economist and professor at Brown University. She is an econometrician whose work focuses on measurement error.