Paul Samuelson named Schultz (along with Harry Gunnison Brown, Allyn Abbott Young, Henry Ludwell Moore, Frank Knight, Jacob Viner, and Wesley Clair Mitchell) as one of the several "American saints in economics" born after 1860.
Schultz's family - father, mother (Rebecca Kissin) with their 2 sons - Henry and his brother Joseph moved to New York City in the United States.
He was awarded a PhD in economics from Columbia in 1925 with a thesis entitled Estimation of Demand Curves, written under the supervision of Henry L. Moore.
Schultz was the doctoral thesis advisor for several students at Chicago, notably 1978 Nobel Prize in Economics winner Herbert A. Simon[5] and future Cowles Commission director Theodore O.
[8] His namesake professorship at the University of Chicago, the Henry Schultz Distinguished Service Professor in Economics, is held by Nobel Laureate James Heckman.