Louis O. Kelso Professions : Economist Born : April 12, 1913 Died : 1991 Browse All Authors Top 56 quotes by Louis O. Kelso The Roman arena was technically a level playing field. But on one side were the lions with all the weapons, and on the other the Christians with all the blood. That's not a level playing field. That's a slaughter. And so is putting people into the economy without equipping them with capital, while equipping a tiny handful of people with hundreds and thousands of times more than they can use. Louis O. Kelso christian blood people 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 affluence wisdom ideas 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 pieces wisdom country There is no future for those who cannot or will not think. Louis O. Kelso thinking 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 opportunity mean 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. Louis O. Kelso wisdom blue men The uneasy ghost of Marx must suffer the torments of the damned at the truth glaring from the pages of history that one does not abolish property by transferring it to the state. Louis O. Kelso wisdom suffering doe 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 engineering government mean The rising productivity of labor is a myth, a statistical illusion created by measuring combined output in terms of labor input. Louis O. Kelso input politics wisdom They sense that there's a majority out there and that the emotions are all on the other side-if they can be heard. They think the politicians are going to yield to the emotions. I think the corporations are wrong about that. I think the companies will have to give in only at insignificant levels. Because the companies are too strong, they're the establishment. The environmentalists are going to have to be like the mob in the square in Romania before they prevail. Louis O. Kelso yield strong thinking 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. Louis O. Kelso political office wisdom 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 electronics wages wisdom 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 opportunity children Take Milton Friedman, he sits at his desk pontificating about such bunk as the monetary system being the answer to our problems. The monetary system is a legal contrivance. Property, not money, is real wealth. It's physical, not legal. Louis O. Kelso real wisdom answers Technology has no function except to save labor. Yet how often do we hear that the purpose of new capital formation is to create jobs? Louis O. Kelso technology wisdom jobs Technology plows through history at an accelerating rate, shifting the burden of production off labor into the nonhuman factor because man uses his highest ingenuity to avoid servile labor. Louis O. Kelso technology wisdom men That which is inherently nonfinanceable is financed. That which is inherently financeable is not financed. And the illogic of poverty amidst eagerness and ability to produce plenty goes on. Louis O. Kelso poverty wisdom goes-on 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 Political power without economic power is sterile. Louis O. Kelso politics political wisdom 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 Similar Authors Bryan Caplan economist Burton Malkiel economist Bruno Frey economist Brian Wesbury economist Branko Milanovic economist Andrew Samwick economist All Authors
