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