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Quote by Louis O. Kelso

“The purpose of finance is to enable business to acquire the ownership of capital instruments before it has saved the funds to buy and pay for them. The logic used by business in investing is things that will pay for themselves is not today available to the 95% born without capital. Most of us owe instead of own. And the less the economy needs our labor, the less able we are to "save" our way to capital ownership.”

Quote by Louis O. Kelso

Author

Louis O. Kelso was an American economist born on April 12, 1913. He is renowned for his extensive research in the fields of capital and distribution theories. Kelso proposed the concepts of 'shared economy' and 'profit sharing,' which have had a profound impact on subsequent economic theories and practices. more

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“The rising productivity of labor is a myth, a statistical illusion created by measuring combined output in terms of labor input.”

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“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.”

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“The schemes to set up blacks in cleaning stores, gas stations, hamburger stands and fried-chicken franchises, all the low-profit, low-capital enterprises, will rivet the Black man to the least remunerative section of the economy forever. The best such prospects offer are the dissatisfactions of blue-collar life. The big money ain't in pumping rationed gas in an Amoco station leased in your very own name, but in having stock in Exxon.”

“The sole missing link is the recognition that the acquisition of capital ownership by the millions is an indispensable goal. That is the turning point - our recognition of the proper goal.”

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“The totalitarian toil-state originates in the propertylessness of the majority.”

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Book:Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals

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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.”

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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.”

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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?”

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“There's only one honest way to measure affluence; that's by comparing the capability of producing goods and services with the desire of people to enjoy them. It's a lousy, crooked trick to compare this society with China or some such place and then say we're affluent. It's a piece of intellectual crookery even to compare this economy with itself ten or twenty years ago. We should compare what we have with what we could have.”

“Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.”

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