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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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Louis O. Kelso
Age: 77 †
Born: 1913
Born: April 12
Died: 1991
Died: February 17
Economist
Lawyer
Denver
Colorado
Louis Orth Kelso
Free
Production
Two
Factors
Concentrated
Cannot
Productions
Human
Labor
Factor
Humans
Economy
Ownership
Important
Wisdom
Liberalism
Politics
Capital
Society
Distinction

More quotes by 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 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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Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.
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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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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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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Political power without economic power is sterile.
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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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 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
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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
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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 totalitarian toil-state originates in the propertylessness of the majority.
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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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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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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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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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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There is no future for those who cannot or will not think.
Louis O. Kelso