Louis O. Kelso Quotes About Private Property
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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.
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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.
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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.
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