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Quote by Louis O. Kelso

“Hard-core structural poverty has a counterpart at the apex: hard-core structural affluence.”

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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“I'm a secret nonmember of the establishment. This isn't a grubby kind of revolution I'm talking about. This isn't Che Guevara stuff. I don't want to live on berries in the woods - I don't think anybody does.”

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“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.”

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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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“If we functionally define a capitalist household as one that receives at least half of the annual income it spends on consumption in the form of return on invested capital, less than 1 percent of United States households are capitalists.”

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“It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.”

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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.”

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“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.”

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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.”

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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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“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.”

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“Political power without economic power is sterile.”

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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.”

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