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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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Louis O. Kelso
Age: 77 †
Born: 1913
Born: April 12
Died: 1991
Died: February 17
Economist
Lawyer
Denver
Colorado
Louis Orth Kelso
Would
Economy
Require
Keynesian
Wisdom
Capital
Institutional
Politics
Productive
Proposed
Individual
Acquire
Enabling
Means
Production
Factor
Ever
Factors
Ownership
Mean
Productions
Liberalism
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Measure
Designed
More quotes by Louis O. Kelso
It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.
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
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
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
The totalitarian toil-state originates in the propertylessness of the majority.
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
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
The political objective of universal capitalism is maximum individual autonomy, the separation of political power wielded by the holders of public office from economic power held by citizens, and the broad diffusion of privately owned economic power.
Louis O. Kelso
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
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
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
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
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
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
The first principle of economic symmetry: building the economic power to consume simultaneously with the industrial power to produce.
Louis O. Kelso
We have an economic policy that is just about 10,000 years out of date.
Louis O. Kelso
Political power without economic power is sterile.
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
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 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
