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. KelsoNo Keynesian has ever proposed a measure designed to make the individual more productive; for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.
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. KelsoTwo-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.
Louis O. Kelso