The full title of this podcast is “Labor’s Great Mistake: Rethinking Full Employment in a Capitalist Society.” In this video, we explore Louis O. Kelso's seminal 1960 article, “Labor's Great Mistake: The Struggle for the Toil State.” In the face of the fixed belief human labor is the only true factor of production and thus a “job” is the only way to gain income, Kelso argues against the conventional wisdom that full employment is an ideal societal goal.
Instead, Kelso posited that modern technology has shifted the primary source of economic wealth from labor to capital. The video critiques the Keynesian policy of “pump-priming” to maintain full employment, scrutinizes government expenditure and international aid, and ultimately advocates for increased capital ownership among individuals. By promoting full participation in production rather than full employment, Kelso believes we can better achieve economic freedom, security, and a higher standard of living.
00:00 Introduction: Labor's Great Mistake
00:50 The Employment Act of 1946 and Keynesian Economics
02:00 Government Spending and Full Employment
05:25 The Fallacy of Full Employment
07:12 Technological Change and Capital Productivity
10:16 Dispelling Myths About Wealth Production
11:57 Full Participation in Production: A New Goal
14:31 Conclusion: Embracing Capitalism for All
The audio-visual presentation was created in “Descript”, using an AI-generated voice for narration. Visit CESJ.org for more information.
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And if you want the playlists for previous videos:
Economic Personalism (The Book)
Economic Personalism v. The Great Reset
Socialism, Modernism and the New Age
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