Home / Quotes / Quote by Louis O. Kelso

Quote by 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?”

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

You May Also Like

“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.”

Two Problem Wisdom Politics Results Economy Clear Economic Economics Labor Income Factors Liberalism Productive Thinker Distribution Economic Problems

Author:Louis O. Kelso

“We have an economic policy that is just about 10,000 years out of date.”

Years Wisdom Politics Economy Economic Policy Liberalism Economic Policy

Author:Louis O. Kelso

“What have the masses been clamoring for? Jobs and welfare, and they got 'em. They've also got unions and managements like two armies converting the whole economy into a battleground with the customers as victims, except that the victims are also in the army. They think in battle terms by day and like customers at night.”

Thinking Two Whole Wisdom Jobs Night Politics Term Economy Battle Mass Army Management Victim Unions Customers Welfare Liberalism Ems Converting Battleground

Author:Louis O. Kelso

“When capital owners are few, the private-property conduits of necessity create vast savings reservoirs for those few. If there were many owners, the same conduits would broadly irrigate the economy with purchasing power.”

Ifs Wisdom Politics Economy Property Saving Liberalism Owners Savings Private Property Reservoirs Purchasing Purchasing Power

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

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

“Work is a means; it is not an end. And for any tasks that can be performed or eliminated by a capital instrument, human labor is not the best means... Furthermore, we have science, engineering and management - the three disciplines - that really plan and control the production of goods and services, trying to eliminate labor. Who the hell is government to come along and try to create labor? The people who are producing wealth are trying to eliminate toil, while the politicians are trying to create it.”

“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.”

World Mind Humans Important Problem Wisdom Spirit Politics Economy Economic Materials Machines Solve Liberalism Leisure Material Things Economic Problems

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

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

“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.”

Ifs Thinking Facts Wisdom Turns Politics Economy Connections Fellows Liberalism Comment Upside Down Milton Inference

Author:Louis O. Kelso

“Money is not a part of the visible sector of the economy; people do not consume money. Money is not a physical factor of production, but rather a yardstick for measuring economic input, economic outtake and the relative values of the real goods and services of the economic world. Money provides a method of measuring obligations, rights, powers and privileges. It provides a means whereby certain individuals can accumulate claims against others, or against the economy as a whole, or against many economies.”

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

“The owners of labor, on the other hand, are being taught, by the most powerful and well-publicized examples, that the highest rewards are not for production, but for the employment of organized power to take over a share of what others produce.”

Source: The New Capitalists: A Proposal to Free Economic Growth from the Slavery of Savings