Economy Quotes - Page 27

• The tumults in America I expected would have produced in Europe an unfavorable opinion of our political state. But it has not. On the contrary, the small effect of these tumults seems to have given more confidence in the firmness of our governments. The interposition of the people themselves on the side of government has had a great effect on the opinion here in Europe.

  Thomas Jefferson

  Wisdom, Government, Europe

  Thomas Jefferson, Joyce Appleby, Terence Ball (1999). “Jefferson: Political Writings”, p.153, Cambridge University Press

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• In our time, in particular, there exists another form of ownership which is becoming no less important than land: the possession of know-how, technology and skill. The wealth of the industrialized nations is based much more on this kind of ownership than on natural resources.

  Pope John Paul II

  Wisdom, Technology, Land

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• Economic activity, especially the activity of a market economy, cannot be conducted in an institutional, juridical or political vacuum. On the contrary, it presupposes sure guarantees of individual freedom and private property, as well as a stable currency and efficient public services.

  Pope John Paul II

  Wisdom, Political, Vacuums

  Pope John Paul II (1996). “The Encyclicals of John Paul II”, Our Sunday Visitor (IN)

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• On the basis of his work each person is fully entitled to consider himself a part owner of the great workbench at which he is working with everyone else. A way toward that goal could be found by associating labor with the ownership of capital joint ownership of the means of work, sharing by the workers in the management and/or profits of businesses, so-called shareholding by labor, etc.

  Pope John Paul II

  Mean, Goal, Politics

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• The Church's teaching on ownership diverges radically from collectivism as proclaimed by Marxism and "rigid" capitalism. The primacy of the person over things joint ownership of the means of work.

  Pope John Paul II

  Teaching, Mean, Church

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• The enactment of the Homestead Act would create the strongest tie between the citizen and the Government-he would with cheerfulness contribute his proportionable part of the taxes to defray the expenses of the political system under which he lived.

  Andrew Johnson

  Wisdom, Government, Ties

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• Justice is the constant and eternal purpose that renders to each his due.

  Justinian I

  Justice, Purpose, Politics

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• Property in everyday life, is the right of control.

  Louis O. Kelso

  Everyday, Politics, Life Is

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• All this plan does is make everybody a capitalist. I know that the New York Stock Exchange says there are 25 million shareholders in the United States, but let me tell you something: about 15 million of those people could save their dividends for 10 years and maybe buy a new suit. That's not what I call capitalism.

  Louis O. Kelso

  Wisdom, New York, Years

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• Equality of economic opportunity, in the context of private property, means equality of opportunity for the millions of capital-less households of today to buy, pay for, and employ in their lives the non-human factor of production, capital.

  Louis O. Kelso

  Wisdom, Mean, Opportunity

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• Everyone should own a piece of the wealth-producing capital of this country, but not everyone can be a manager. Or should be.

  Louis O. Kelso

  Country, Wisdom, Pieces

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• Full employment is a socially hazardous goal. In effect, it aspires to restore through political expedients the pre-industrial state of toil that science, engineering, technology and modern management are pledged to overcome.

  Louis O. Kelso

  Wisdom, Technology, Engineering

  Louis O. Kelso, Patricia Hetter Kelso (1967). “Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals”, New York : Vintage Books

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• Had Marx understood the implications of the principles of capitalistic distribution which presented themselves to him as "appearances" only, he might have become a revolutionary capitalist instead of a revolutionary socialist.

  Louis O. Kelso

  Wisdom, Politics, Might

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

  Louis O. Kelso

  Wisdom, Poverty, Affluence

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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.

  Louis O. Kelso

  Wisdom, Thinking, Talking

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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.

  Louis O. Kelso

  Wisdom, Mean, Goal

  Louis O. Kelso, Patricia Hetter Kelso (1967). “Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals”, New York : Vintage Books

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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.

  Louis O. Kelso

  Wisdom, Half, Politics

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

  Louis O. Kelso

  Wisdom, Blessing, Politics

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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.

  Louis O. Kelso

  Wisdom, Ideas, Affluence

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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.

  Louis O. Kelso

  Wisdom, Way, Needs

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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.

  Louis O. Kelso

  Wisdom, Mean, Enabling

  Louis O. Kelso, Patricia Hetter Kelso (1967). “Two-factor Theory: the Economics of Reality; how to Turn Eighty Million Workers Into Capitalists on Borrowed Money, and Other Proposals”, New York : Vintage Books

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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.

  Louis O. Kelso

  Wisdom, Running, War

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• Political power without economic power is sterile.

  Louis O. Kelso

  Wisdom, Political, Politics

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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.

  Louis O. Kelso

  Wisdom, Wages, Electronics

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• Rather than providing him with economic opportunity, the Act of that name seems designed to make the poor man do penance all his life for the sin of being born into a non-capital-owning family... One searches it in vain for measure designed to provide economic opportunity to the capital owner. But nobody proposes to educate, train, or rehabilitate either him or his children, even when their "unemployment" is notorious.

  Louis O. Kelso

  Wisdom, Children, Opportunity

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