Henry Schultz
Encyclopedia
Henry Schultz was an American economist
and statistician
, one of the founders of econometrics
.
(now part of Belarus
). His family moved to the United States
, to New York City
, where Henry 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 on the estimation of demand curve
s 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 tragic car accident that also killed his wife and his two daughters.
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 highly influential book Schultz(1938).
and future Cowles Commission director Theodore O. Yntema
. Schultz also influenced Milton Friedman
, who was his student and, for a year, his research assistant.
Henry Schultz started a mathematical economics school at the University of Chicago which, after his tragic early 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.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and statistician
Statistician
A statistician is someone who works with theoretical or applied statistics. The profession exists in both the private and public sectors. The core of that work is to measure, interpret, and describe the world and human activity patterns within it...
, one of the founders of econometrics
Econometrics
Econometrics has been defined as "the application of mathematics and statistical methods to economic data" and described as the branch of economics "that aims to give empirical content to economic relations." More precisely, it is "the quantitative analysis of actual economic phenomena based on...
.
Life
Henry Schultz was born on September 4, 1893 in a Polish family in Szarkowszczyzna, the Russian EmpireRussian Empire
The Russian Empire was a state that existed from 1721 until the Russian Revolution of 1917. It was the successor to the Tsardom of Russia and the predecessor of the Soviet Union...
(now part of Belarus
Belarus
Belarus , officially the Republic of Belarus, is a landlocked country in Eastern Europe, bordered clockwise by Russia to the northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Its capital is Minsk; other major cities include Brest, Grodno , Gomel ,...
). His family moved to the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, where Henry completed his primary education, as well as undergraduate studies at the College of the City of New York
City College of New York
The City College of the City University of New York is a senior college of the City University of New York , in New York City. It is also the oldest of the City University's twenty-three institutions of higher learning...
, receiving a BA in 1916. For graduate work, Henry Schultz enrolled at Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
, but had to interrupt studies in 1917 because of World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
. After the war he received a scholarship which enabled him to spend 1919 at the London School of Economics
London School of Economics
The London School of Economics and Political Science is a public research university specialised in the social sciences located in London, United Kingdom, and a constituent college of the federal University of London...
and the Galton Laboratory
Galton Laboratory
The Galton Laboratory, was a laboratory for research into human genetics based at University College London in London, United Kingdom. It was originally established in 1904, and became part of UCL's biology department in 1996....
of University College London
University College London
University College London is a public research university located in London, United Kingdom and the oldest and largest constituent college of the federal University of London...
, where he had the opportunity to attend Karl Pearson
Karl Pearson
Karl Pearson FRS was an influential English mathematician who has been credited for establishing the disciplineof mathematical statistics....
'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
United States Census Bureau
The United States Census Bureau is the government agency that is responsible for the United States Census. It also gathers other national demographic and economic data...
and the United States Department of Labor
United States Department of Labor
The United States Department of Labor is a Cabinet department of the United States government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, re-employment services, and some economic statistics. Many U.S. states also have such departments. The...
. He was awarded a PhD in economics from Columbia in 1925 with a thesis on the estimation of demand curve
Demand curve
In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity, and the amount of it that consumers are willing and able to purchase at that given price. It is a graphic representation of a demand schedule...
s written under the supervision of Henry L. Moore.
In 1926 Schultz went to the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
, 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
Econometric Society
The Econometric Society is an international society for the advancement of economic theory in its relation with statistics and mathematics. It was founded on December 29, 1930 at the Stalton Hotel in Cleveland, Ohio....
. Henry Schultz died on November 26, 1938, near San Diego, California
San Diego, California
San Diego is the eighth-largest city in the United States and second-largest city in California. The city is located on the coast of the Pacific Ocean in Southern California, immediately adjacent to the Mexican border. The birthplace of California, San Diego is known for its mild year-round...
, in a tragic car accident that also killed his wife and his two daughters.
Work
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 demandSupply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...
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 highly influential book Schultz(1938).
Influences and legacy
Henry Schultz was the doctoral thesis advisor for several students at Chicago, notably 1978 Nobel Prize in Economics winner Herbert SimonHerbert Simon
Herbert Alexander Simon was an American political scientist, economist, sociologist, and psychologist, and professor—most notably at Carnegie Mellon University—whose research ranged across the fields of cognitive psychology, cognitive science, computer science, public administration, economics,...
and future Cowles Commission director Theodore O. Yntema
Theodore O. Yntema
Theodore Otte Yntema was an American economist specialing in the field of quantitative analysis in finance.Yntema graduated summa cum laude in 1921 from Hope College as valedictorian. He received his master's degree from the University of Illinois in 1922. He received his PhD from the University...
. Schultz also influenced Milton Friedman
Milton Friedman
Milton Friedman was an American economist, statistician, academic, and author who taught at the University of Chicago for more than three decades...
, who was his student and, for a year, his research assistant.
Henry Schultz started a mathematical economics school at the University of Chicago which, after his tragic early 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.