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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
Make
Measure
Designed
Would
Economy
Require
Keynesian
Wisdom
Capital
Institutional
Politics
Productive
Proposed
Individual
Acquire
Enabling
Means
Production
Factor
Ever
Factors
Ownership
Mean
Productions
Liberalism

More quotes by 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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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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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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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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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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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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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 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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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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There is no future for those who cannot or will not think.
Louis O. Kelso
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Political power without economic power is sterile.
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 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
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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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The totalitarian toil-state originates in the propertylessness of the majority.
Louis O. Kelso
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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
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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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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
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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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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