T.W. Schultz and the Human-Capital Approach to Entrepreneurship

This paper was presented at the Principal Paper session, “AAEA Invited Paper Session in Memory of T.W. Schultz,” Allied Social Sciences Association annual meeting, Boston, January 6-8, 2006.Includes bibliographical references.T.W. Schultz's theory of entrepreneurship is among his least known, but most interesting, contributions. While entrepreneurship is increasingly recognized as important for economic organization and development, it is not a major component of the economist's day-to-day toolkit. This paper describes Schultz's approach and compares it to other concepts of entrepreneurship in economics and management