Today we present “The Thoughtful Rebel's Guide to Economics: A Lecture by Louis Kelso.” This 1969 lecture delivered by Louis Orth Kelso at the College Editors’ Conference scrutinizes the inefficiencies and injustices of the world's economic institutions. “Rebelling” against conventional economics, Kelso argued that the prevailing economic systems operate under several false assumptions, such as the belief that only labor produces wealth, and full employment should be the ultimate goal.
To counter or “rebel” against these fallacies, Kelso introduced the “two-factor theory,” which emphasizes the importance of both human and capital inputs in producing wealth. Kelso proposed that access to capital ownership should be democratized to alleviate economic alienation and achieve general affluence.
The lecture delves into the myths perpetuated by one-factor economic theories and outlines a vision for a more inclusive and prosperous society.
00:00 Introduction and Context
00:17 The Deficiencies of Current Economic Institutions
00:59 Youth's Role in Economic Reform
01:44 Ingredients for Positive Change
03:40 Kelso's Hypothesis: The Core Defect
04:34 The Flaws of One-Factor Economics
07:08 Two-Factor Theory Explained
10:40 The Second Income Plan
11:52 Recapitulation and Key Takeaways
12:53 Debunking Economic Myths
17:22 Redefining Economic Terms
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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