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If capital produces most of the economy's wealth and income is distributed on the basis of productive input, the individual can hardly reach his goal - an affluent level of income - solely by means of his labor.
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
Mean
Wealth
Productive
Distributed
Levels
Basis
Affluent
Economy
Bases
Input
Wisdom
Income
Solely
Politics
Reach
Produces
Goal
Labor
Liberalism
Individual
Level
Capital
Means
Produce
Hardly
More quotes by Louis O. Kelso
Labor is the source of subsistence, capital is the source of affluence. My idea is to make everyone a capitalist, and therefore, financially secure.
Louis O. Kelso
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
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
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
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
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
It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.
Louis O. Kelso
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
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
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
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
Technology plows through history at an accelerating rate, shifting the burden of production off labor into the nonhuman factor because man uses his highest ingenuity to avoid servile labor.
Louis O. Kelso
There is no future for those who cannot or will not think.
Louis O. Kelso
Political power without economic power is sterile.
Louis O. Kelso
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
Take Milton Friedman, he sits at his desk pontificating about such bunk as the monetary system being the answer to our problems. The monetary system is a legal contrivance. Property, not money, is real wealth. It's physical, not legal.
Louis O. Kelso
Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.
Louis O. Kelso
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
We have an economic policy that is just about 10,000 years out of date.
Louis O. Kelso
The totalitarian toil-state originates in the propertylessness of the majority.
Louis O. Kelso
