Today we present “The Revolutionary Economic Insights of Louis Kelso.” In this comprehensive exploration of Louis Kelso's economic thought, Patricia Hetter Kelso delves into the dichotomy between thinkers characterized as foxes and hedgehogs, referencing philosopher Isaiah Berlin’s taxonomy.
Louis Kelso stands out as a unique blend of both a holistic hedgehog with a grand vision on capital as a production factor, and a pragmatic fox with practical insights into corporate finance. The discussion spans Kelso's foundational concepts, including the significance of capital in income generation, the flawed labor-centric view of classical economics, and Kelso's innovative solutions like the Employee Stock Ownership Plan (ESOP). With a holistic paradigm shift, Kelso's binary economics aims to balance production and consumption, offering sustainable economic growth and solving fundamental economic issues.
00:00 Introduction: The Vision of Louis Kelso
01:13 The Hedgehog and the Fox: Kelso's Dual Insight
01:50 Kelso's Practical Expertise
03:27 The Birth of ESOP: A Revolutionary Idea
04:09 American Distrust of Abstract Ideas
05:23 Kelso vs. Keynes: Different Questions, Different Answers
06:25 Say's Law and the Great Depression
10:26 Kelso's Unique Contributions to Economic Thought
12:06 Technological Change and Capital Productivity
17:45 The Importance of Capital Ownership
20:51 Kelso's Binary Economics: A New Paradigm
24:55 The Rising Interest in Kelso's Ideas
27:47 Conclusion: The Prevailing Truth of Kelso's Vision
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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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