Economy Quotes - Page 29

• 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.

  Louis O. Kelso

  Wisdom, Saving, Politics

  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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• 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.

  Louis O. Kelso

  Mean, Government, Engineering

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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.

  Louis O. Kelso

  Wisdom, Mind, Important

  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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• 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.

  Louis O. Kelso

  Wisdom, Thinking, Connections

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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.

  Louis O. Kelso

  Real, Mean, Relative Value

  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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• 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.

  Louis O. Kelso

  Wisdom, Powerful, Hands

  Louis O. Kelso, Mortimer Jerome Adler (1975). “The New Capitalists: A Proposal to Free Economic Growth from the Slavery of Savings”, Greenwood Publishing Group

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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.

  Louis O. Kelso

  Wisdom, Lines, Politics

  Louis O. Kelso, Patricia Hetter Kelso (1986). “Democracy and Economic Power: Extending the ESOP Revolution through Binary Economics”, p.16, BookBaby

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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.

  Louis O. Kelso

  Running, Wisdom, Long

  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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• ... 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.

  Jack Kemp

  Wisdom, Jobs, Giving

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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.

  John Maynard Keynes

  Entrepreneur, Technique, Demand

  John Maynard Keynes (2006). “General Theory Of Employment , Interest And Money”, p.193, Atlantic Publishers & Dist

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

  John Maynard Keynes

  Wisdom, Believe, Income

  John Maynard Keynes (2006). “General Theory Of Employment , Interest And Money”, p.342, Atlantic Publishers & Dist

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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.

  John Maynard Keynes

  Wisdom, Order, Sea

  John Maynard Keynes (2006). “General Theory Of Employment , Interest And Money”, p.345, Atlantic Publishers & Dist

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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.

  John Maynard Keynes

  Wisdom, Important, Politics

  John Maynard Keynes (2006). “General Theory Of Employment , Interest And Money”, p.346, Atlantic Publishers & Dist

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• 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.

  John Maynard Keynes

  Wisdom, War, Benefits

  John Maynard Keynes (2016). “The Economic Consequences of the Peace”, p.17, Skyhorse Publishing, Inc.

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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.

  Ibn Khaldun

  Wisdom, Rights, Civilization

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• "Freedom" in capitalist countries exists only for those who possess money and who consequently hold power.

  Nikita Khrushchev

  Wisdom, Country, Politics

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• Louis Kelso's formula sounds like Lydia Pinkham's Vegetable Compound. The whole theory sounds crazy. But, then, one may recall, they said all that of Copernicus too.

  James J. Kilpatrick

  Wisdom, Crazy, Vegetables

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• Man is not made for the state; the state is made for man. To deprive man of freedom is to relegate him to the status of a thing, rather than elevate him to the status of a person. Man must never be treated as a means to the end of the state, but always as an end within himself.

  Martin Luther King, Jr.

  Wisdom, Mean, Men

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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.

  Martin Luther King, Jr.

  Wisdom, Practice, Class

  Martin Luther King (Jr.) (1964). “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.

  Martin Luther King, Jr.

  Wisdom, Men, Judging

  Martin Luther King (Jr.) (1964). “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.

  Martin Luther King, Jr.

  Wisdom, Real, Philosophical

  Martin Luther King (Jr.), Alex Ayres (1993). “The Wisdom of Martin Luther King, Jr”, Plume

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• Agape means recognition of the fact that all life is interrelated. All humanity is involved in a single process, and all men are brothers. To the degree that I harm my brother, no matter what he is doing to me, to that extent I am harming myself.

  Martin Luther King, Jr.

  Wisdom, Brother, Mean

  Martin Luther King (Jr.) (1964). “A Martin Luther King Treasury”

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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!"

  Martin Luther King, Jr.

  Wisdom, Military, Years

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• Now a lot of us are preachers, and all of us have our moral convictions and concerns, and so often have problems with power. There is nothing wrong with power if power is used correctly.

  Martin Luther King, Jr.

  Wisdom, Politics, Moral

  Dr. Martin Luther King, Jr. (2013). “The Essential Martin Luther King, Jr.: "I Have a Dream" and Other Great Writings”, p.200, Beacon Press

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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.

  Martin Luther King, Jr.

  Wisdom, Husband, Children

  "Where Do We Go from Here: Chaos or Community?". Book by Martin Luther King, Jr., 1967.

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