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. KelsoThe rising productivity of labor is a myth, a statistical illusion created by measuring combined output in terms of labor input.
Louis O. KelsoLabor 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. KelsoThe point is to make the pie grow faster and distribute the new growth more equitably.
Louis O. KelsoFull 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