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. KelsoThe scarcity that afflicts the world is not the fault of either science or nature. The cause is defective economic institutions which abort technology's affluence producing potential.
Louis O. KelsoTechnology 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. KelsoWork 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. KelsoThe 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.
Louis O. Kelso