Home / Quotes / Quote by Louis O. Kelso

Quote by Louis O. Kelso

“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.”

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

“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

“Thus, the capital owner is not a parasite or a rentier but a worker - a capital worker. A distinction between labor work and capital work suggests the lines along which we could develop economic institutions capable of dealing with increasingly capital-intensive production, as our present institutions cannot.”

Wisdom Politics Lines Economy Economic Capable Labor Institutions Workers Productions Liberalism Distinction Owners Parasites

Book:Democracy and Economic Power: Extending the ESOP Revolution through Binary Economics

Source: Democracy and Economic Power: Extending the ESOP Revolution through Binary Economics

“But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance.”

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

“... giving tax incentives for more labor ownership of company stock will do more to create jobs and increase productivity than all the "emergency full employment" bills proposed.”

Giving Wisdom Jobs Politics Company Economy Taxes Labor Increase Bills Productivity Employment Liberalism Ownership Emergencies Incentives

Author:Jack Kemp

“It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.”

Source: General Theory Of Employment , Interest And Money

“For my own part, I believe that there is social and psychological justification for significant inequalities of incomes and wealth.”

Believe Wisdom Politics I Believe Social Wealth My Own Economy Significant Income Psychological Inequality Liberalism Justification

Book:General Theory Of Employment , Interest And Money

Source: General Theory Of Employment , Interest And Money

“I see, therefore, the rentier aspect of capitalism as a transitional phase which will disappear when it has done its work. And with the disappearance of its rentier aspect much else in it besides will suffer a sea-change. It will be, moreover, a great advantage of the order of events which I am advocating, that the euthanasia of the rentier, of the functionless investor, will be nothing sudden, merely a gradual but prolonged continuance of what we have seen recently in Great Britain, and will need no revolution.”

Source: General Theory Of Employment , Interest And Money

“It is not the ownership of the instruments of production which it is important for the State to assume. If the State is able to determine the aggregate amount of resources devoted to augmenting the instruments and the basic rate of reward to those who own them, it will have accomplished all that is necessary. Moreover, the necessary measures of socialization can be introduced gradually and without a break in the general traditions of society.”

Source: General Theory Of Employment , Interest And Money

“The immense accumulations of fixed capital which, to the great benefit of mankind, were built up during the half century before the war, could never have come about in a Society where wealth was divided equitably.”

War Wisdom Politics Wealth Half Economy Mankind Century Benefits Built Fixed Liberalism Divided Immense Accumulation

Book:The Economic Consequences of the Peace

Source: The Economic Consequences of the Peace