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Equality of economic opportunity, in the context of private property, means equality of opportunity for the millions of capital-less households of today to buy, pay for, and employ in their lives the non-human factor of production, capital.

Louis O. Kelso

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Louis O. Kelso
Age: 77 †
Born: 1913
Born: April 12
Died: 1991
Died: February 17
Economist
Lawyer
Denver
Colorado
Louis Orth Kelso
Today
Economy
Production
Human
Economic
Factors
Households
Humans
Wisdom
Productions
Employ
Mean
Politics
Equality
Factor
Less
Private
Household
Opportunity
Property
Context
Lives
Pay
Liberalism
Means
Millions
Capital

More quotes by Louis O. Kelso

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The scarcity that afflicts the world is not the fault of either science or nature. The cause is defective economic institutions which abort technology's affluence producing potential.
Louis O. Kelso
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There is no future for those who cannot or will not think.
Louis O. Kelso
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Our present predicament comes from the fact that running the economy on blood is no longer fashionable. We can't end this depression with another war.
Louis O. Kelso
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It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.
Louis O. Kelso
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While no inference is intended here, it is worth noting, in connection with Milton Friedman's comment that Kelso just turned Marx upside down, that it is not necessarily amiss to turn a fellow upside down if that in fact straightens out his thinking.
Louis O. Kelso
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Private property works like circuitry in electronics, or piping in hydraulics. It conveys wages to the owners of labor power, as well as the various forms of nonwage property income to the owners of capital. In itself, it is no more responsible for maldistribution of purchasing power than the science of bookkeeping is responsible for bankruptcy.
Louis O. Kelso
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No Keynesian has ever proposed a measure designed to make the individual more productive for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.
Louis O. Kelso
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The totalitarian toil-state originates in the propertylessness of the majority.
Louis O. Kelso
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We have an economic policy that is just about 10,000 years out of date.
Louis O. Kelso
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The path the capitalist revolution will take faces in exactly the opposite direction from that taken by the communist revolution. It seeks to diffuse the private ownership of capital instead of abolishing it entirely. It seeks to make all men capitalists instead of preventing anyone from being a capitalist by making the State the only capitalist.
Louis O. Kelso
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There is more to life than material well-being. Who would claim that the wholly wage-dependent family enjoys the dignity, the security, the range of choice and the autonomy (not to mention the leisure and freedom) of the family even partially supported by capital ownership?
Louis O. Kelso
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The first principle of economic symmetry: building the economic power to consume simultaneously with the industrial power to produce.
Louis O. Kelso
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The sooner the world solves its economic problems, the sooner its inhabitants can afford leisure and peace and get on with the non-material things that are inherently important: the work of mind and spirit that is gloriously and uniquely human, the work that no machine can ever do.
Louis O. Kelso
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The one important distinction between the two factors of production is that in a free society, ownership of the human factor, labor, cannot be concentrated while ownership of the non-human factor, capital, can be.
Louis O. Kelso
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Technology has no function except to save labor. Yet how often do we hear that the purpose of new capital formation is to create jobs?
Louis O. Kelso
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Had Marx understood the implications of the principles of capitalistic distribution which presented themselves to him as appearances only, he might have become a revolutionary capitalist instead of a revolutionary socialist.
Louis O. Kelso
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The uneasy ghost of Marx must suffer the torments of the damned at the truth glaring from the pages of history that one does not abolish property by transferring it to the state.
Louis O. Kelso
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The way the system now works, credit is extended to those who don't need it and denied to those who are in desperate need of it.
Louis O. Kelso
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Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.
Louis O. Kelso
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The idea that full employment without property ownership will solve the world's problems is utter nonsense. The Keynesian concept that the function of capital is merely to amplify labor, not independently produce wealth is simply blindness.
Louis O. Kelso