Quote

The first principle of economic symmetry: building the economic power to consume simultaneously with the industrial power to produce.

Louis O. Kelso

Change background

T
T
T

Change font

TAGS & TOPICS

Louis O. Kelso
Age: 77 †
Born: 1913
Born: April 12
Died: 1991
Died: February 17
Economist
Lawyer
Denver
Colorado
Louis Orth Kelso
Economic
Simultaneously
Wisdom
Industrial
Politics
Liberalism
Power
Principle
Firsts
Produce
First
Building
Principles
Symmetry
Economy
Consume

More quotes by Louis O. Kelso

Image
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
Image
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
Image
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
Image
The totalitarian toil-state originates in the propertylessness of the majority.
Louis O. Kelso
Image
We have an economic policy that is just about 10,000 years out of date.
Louis O. Kelso
Image
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
Image
It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.
Louis O. Kelso
Image
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
Image
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
Image
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
Image
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
Image
Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.
Louis O. Kelso
Image
Political power without economic power is sterile.
Louis O. Kelso
Image
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
Image
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
Image
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
Image
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
Image
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
Image
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
Image
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