Nobel Memorial Prize in Economic Sciences
Laureates in the Memorial Prize in Economics are selected by the Royal Swedish Academy of Sciences. It was first awarded in 1969 to the Dutch and Norwegian economists Jan Tinbergen and Ragnar Frisch, "for having developed and applied dynamic models for the analysis of economic processes".
Henry Schultz
Led by his belief that economics needs rigorous quantitative study to become a science, Henry Schultz was one of the founders of mathematical and statistical economics. His research was centered around a large program dedicated to the theory and estimation of private demand for goods functions, a project which started in the early 1920s, during his studies at the University of Chicago, and was completed shortly before his death with the publication of his book, "The Theory and Measurement of Demand".Schultz was the doctoral thesis advisor for several students at Chicago, notably 1978 Nobel Prize in Economics winner Herbert A. Simon and future Cowles Commission director Theodore O. Yntema. Schultz also influenced Milton Friedman, who was his student and, for a year, his research assistant.