Henry Schultz

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Henry Schultz (September 4, 1893 - November 26, 1938) is an American economist, statistician, and one of the econometric founders.

Video Henry Schultz

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Henry Schultz was born on September 4, 1893 in a Polish Jewish family in Sharkawshchyna, in the Russian Empire (now part of Belarus). "The family of Schultz - father, mother (Rebecca Kissin) with their two 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 College of the City of New York, received his BA in 1916. For graduate work, Henry Schultz enrolled at Columbia University, but had to interrupt his studies in 1917 due to World War I. After the war he received a scholarship which enabled him to spend 1919 at the London School of Economics and Galton Laboratory of University College London , where he had the opportunity to attend Karl Pearson's statistics courses.

After returning to the US, in 1920 Schultz married Bertha Greenstein. In the coming years, the couple has two daughters, Ruth and Jean. Schultz went on to study for his doctorate at Columbia, while at the same time doing statistical work for the Council for War Trade, the US Census Bureau and the US Department of Labor. He was awarded a PhD in economics from Columbia in 1925 with a thesis entitled Estimation of the Demand Curve , 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 conducting research. In 1930, he was one of 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 two daughters.

Maps Henry Schultz

Work

Led by his belief that economics requires a rigorous quantitative study to become a science, Henry Schultz is one of the founders of mathematics and economic statistics. His research centered around a major program dedicated to the theory and estimation of personal demand for the function of goods, a project that began in the early 1920s, during his studies at the University of Chicago, and completed shortly before his death with the publication of his book, Theory and Demand Measurement .

Preferred publication

• Schultz, Henry (1925). "The Law of Demand Statistics as illustrated by the Demand for Sugar". Journal of Political Economy . XXXIII (5): 481-504. doi: 10.1086/253706. and XXXIII (6): 577-637. (PhD thesis)
Schultz, Henry (1928). Legal Statistics of Demand and Supply with Custom Applications for Sugar . University of Chicago Press, Chicago. Schultz, Henry (1938). Theory and Demand Measurement . University of Chicago Press, Chicago.

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Influence and inheritance

Schultz is a doctoral thesis advisor to several students in Chicago, notably the 1978 Nobel Prize in the Economics of the winner Herbert A. Simon and Cowles Commission Director of the future Theodore O. Yntema. Schultz also influenced Milton Friedman, who was his student and, for a year, his research assistant.

Schultz started a school of mathematical economics at the University of Chicago which, after his death, was in danger of disappearing. It encourages the University to invite the Cowles Commission, which has a research agenda that focuses on the empirical economy, 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 the new president.

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See also

• Henry Ludwell Moore

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Notes and references

Note

References

• Paul H. Douglas (1939). "Henry Schultz as Partner". Econometrica . Econometrica, Vol. 7, No. 2. 7 (2): 104-106. doi: 10.2307/1906834. JSTORÃ, 1906834. Ã,
• Harold Hotelling (1939). "Henry Schultz's work". Econometrica . Econometrica, Vol. 7, No. 2. 7 (2): 97-103. doi: 10.2307/1906833. JSTORÃ, 1906833. Ã,
• Theodore O. Yntema (1939). "Henry Schultz: Its Contribution to Economy and Statistics". Journal of Political Economy . 47 (2): 153-162. doi: 10.1086/255358. Ã,

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