A Portrait of the Economics of Education, 1960–1997 Pedro Nuno Teixeira The process of exponential growth has reached the stage where any history of our profession must, in part, be statistical. —Michael Lovell, “The Production of Economic Literature—An Interpretation” The economics of education is genuinely economics. —Mary Bowman, “The Human Investment Revolution in Economic Thought” The emergence of the economics of education as an autonomous field of study is usually associated with Theodore Schultz’s presidential address to the annual meeting of the American Economic Association (AEA) in 1960.1 In his address, reinforced later by other publications (such as The Correspondence may be addressed to Pedro Teixeira, Faculdade de Economia do Porto, Rua Dr. Roberto Frias, 4200 Porto, Portugal; e-mail:
[email protected]. An earlier version of this work was presented at the European Conference on the History of Economics that took place in Antwerp in April 1998. I would like to express my gratitude to the participants at the 1999 HOPE conference for providing stimulating discussions. A special mention is due to Jeff Biddle, Roger Backhouse, and Robert Goldfarb, whose help enormously improved, in form and in substance, my work. I am also very grateful to my colleagues António Almodovar, Maria de Fátima Brandão, and Rui Pedro Esteves, who provided me with so many valuable suggestions and comments, besides their priceless patience and support. I also thank Professor Mark Blaug for his kind comments. Notwithstanding all this help, the remaining errors and omissions are my responsibility. I would like to acknowledge the financial support of the Luso-American Foundation for Development and the Faculty of Economics at the University of Porto.