The rising productivity of labor is a myth, a statistical illusion created by measuring combined output in terms of labor input.
Louis O. KelsoThe idea that full employment without property ownership will solve the world's problems is utter nonsense. The Keynesian concept that the function of capital is merely to amplify labor, not independently produce wealth is simply blindness.
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. KelsoPrivate 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