"This branch of economics has suffered from several intellectual mistakes. The major mistake has been the presumption that standard economic theory is inadequate for understanding low income countries and that a separate economic theory is needed. Models developed for this purpose were widely acclaimed until it became evident that they were at best intellectual curiosities."

“Economists have long known that people are an important part of the wealth of nations.”

“The dominant social thought shapes the institutionalized order of society... and the malfunctioning of established institutions in turn alters social thought.”

“Although it is obvious that people acquire useful skills and knowledge, it is not obvious that these skills and knowledge are a form of capital, that this capital is in substantial part a product of deliberate investment, that it has grown in Western societies at a much faster rate than conventional capital, and that this growth may well be the most distinctive feature of the economic system.”

“Nobelprize.org: Autobiography”

“New York Times: Theodore Schultz, 95, Winner Of a Key Prize in Economics”

“efficient but poor hypothesis... that the combination of crops grown, the number of times and depth of cultivation, the time of planting, watering, and harvesting, the combination of hand tools, ditches to carry water to the fields, draft animals and simple equipment -- are all made with a fine regard for marginal costs.”