This collection contains the professional papers of Wilson E. Schmidt, a professor of economics at Virginia Tech from 1966 to 1981 (department chair, 1966-1977), U. S. Dept. of Treasury deputy assistant secretary for research, and a specialist in economic development.

The collection contains correspondence, publications, manuscripts, speech texts, and copies of articles and reports by Schmidt and other economists, including Matthew B. Canzoneri, M.P. Dooley, Jeffrey A. Frankel, Guy V.G. Stevens, and Thomas Willett, and many others. Much of the collection consists of Schmidt's working subject files, particularly relating to externalities, under which are gathered such disparate topics as endangered species, narcotics, and outer space. These subject files contain reports, published materials, and correspondence. Some of these subjects, such as whales, also have separate folders elsewhere within the collection.