ABSTRACT
Theodore W. Schultz has provided a clear statement of his major contributions to the theory of economic development. Since the majority of the world’s population is poor and the world’s poor are largely concentrated in the agricultural sector, he has devoted much attention to the economics of peasant agriculture. He distances him self from what he calls the traditional development economics, with its emphasis on the import substitution strategy of industrialization as the principal source of technical change and economic growth. Most will agree with much of what he says on the limitations of this strategy.
