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Schultz, Human Capital & Professor Sen

Postings not related to the writing of the Manifesto or policy chapters
are likely to be summarily rejected. Thanks for your understanding. IPI
The following letter appeared in The Statesman today, enclosed for your =
possible interest.

"Dear Sir,

In regard to your leader of January 10, advocacy of public primary =
education and public health =96 or investment in =91human capital=92 =96 =
has been a constant theme among all economists from Adam Smith in the =
18th Century, to John Stuart Mill in the 19th to Alfred Marshall in the =
early 20th. The Economics Prize in memory of Alfred Nobel was awarded in =
1979 to the late Theodore W. Schultz (1902-1998) of the University of =
Chicago recognising his contributions to the economics of human capital =
and agricultural economics. Schultz had led the American Famine Mission =
to India in 1946, and his 1964 book Transforming Traditional Agriculture =
was instrumental in altering policy-thinking in favour of the Green =
Revolution which followed. Schultz also made the formal concept of human =
capital popular among economists in 1960 in his Presidential address to =
the American Economic Association, and a large amount of work has been =
done since then in the field by many of his colleagues and students, =
including Milton Friedman, Gary Becker and Sherwin Rosen. It would be =
highly salutary if, thanks to Professor Sen=92s receipt of the Prize, =
our Union and State legislatures in India finally wake up to the =
importance of investments in human capital, even though Professor Sen =
has been recognised, as he emphasised himself, mostly for his work in =
the area of social choice, a theory originating in the work of Professor =
Kenneth J. Arrow of Stanford University.

Yours faithfully

Subroto Roy, Kharagpur.

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