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Economy Quotes

“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.”

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Author: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.”

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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 primary cause of disorder and lawlessness today, as throughout history, is the poverty of the many in contrast to the affluence of the few. But a new element of unrest has been added: a growing awareness that mass poverty is caused by defective institutions that prevent our harnessing the physical capabilities of science, engineering, management and labor to create general affluence; in other words, a growing awareness that poverty in any country that is or can be industrialized, is man's not nature's fault.”

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Author:Louis O. Kelso
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“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.”

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Author:Louis O. Kelso
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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.”

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Author:Louis O. Kelso
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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.”

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Author:Louis O. Kelso
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“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.”

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Author:Louis O. Kelso
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“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.”

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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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“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.”

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Author: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.”

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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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“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.”

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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 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.”

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Book:The New Capitalists: A Proposal to Free Economic Growth from the Slavery of Savings
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“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.”

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

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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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“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.”

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Book:General Theory Of Employment , Interest And Money
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“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.”

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Book:General Theory Of Employment , Interest And Money
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“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.”

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Book:General Theory Of Employment , Interest And Money
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“When incentive to acquire and obtain property is gone, people no longer make efforts to acquire any... Those who infringe upon property rights commit an injustice... If this occurs repeatedly, all incentives to cultural enterprise are destroyed and they cease utterly to make an effort. This leads to destruction and ruin of civilization.”

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Author:Ibn Khaldun
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“With all of its false assumptions and evil methods, communism grew as a protest against the hardships of the underprivileged. Communism in theory emphasized a classless society, and a concern for social justice, though the world knows from sad experience that in practice it created new classes and a new lexicon of injustice.”

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Book:A Martin Luther King Treasury
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“Capitalism is always in danger of inspiring men to be more concerned about making a living than making a life. We are prone to judge success by the index of our salaries or the size of our automobiles, rather than by the quality of our service and relationship to humanity-thus capitalism can lead to a practical materialism that is as pernicious as the materialism taught by communism.”

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Book:A Martin Luther King Treasury
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“Personalism's insistence that only personality-finite and infinite-is ultimately real strengthened me in two convictions: it gave me metaphysical and philosophical grounding for the idea of a personal God, and it gave me a metaphysical basis for the dignity and worth of all human personality.”

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Book:The Wisdom of Martin Luther King, Jr
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“A nation that will keep people in slavery for 244 years will "thingify" them and make them things. And therefore, they will exploit them and poor people generally economically. And a nation that will exploit economically will have to have foreign investments and everything else, and it will have to use its military might to protect them. All of these problems are tied together. What I'm saying today is that we must go from this convention and say, "America, you must be born again!"”

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Author:Martin Luther King, Jr.
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“A host of positive psychological changes inevitably will result from widespread economic security. The dignity of the individual will flourish when the decisions concerning his life are in his own hands, when he has the means to seek self-improvement. Personal conflicts among husbands, wives and children will diminish when the unjust measurement of human worth on the scale of dollars is eliminated.”

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Author:Martin Luther King, Jr.
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“Call it democracy, or call it democratic socialism, but there must be a better distribution of wealth within this country for all God's children.”

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Book:From Civil Rights to Human Rights: Martin Luther King, Jr., and the Struggle for Economic Justice
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