Today’s podcast is about “Labor's Great Mistake: The Economics of Full Employment and Wealth Production.” In this writing, Kelso challenged the conventional belief that full employment is a societal ideal, arguing instead that true economic advancement comes through increased participation in production facilitated by capital ownership. He critiqued the Keynesian approach of pump-priming the economy to create jobs and illustrates the inefficiency and inherent issues in such policies.
Kelso advocated for an economic system that enables broad ownership of capital, reducing dependence on mere labor as technology advances. Join us as we delve into this compelling critique of full employment and discuss the potential for a more prosperous and free society through capital ownership.
00:00 Introduction: Labor's Great Mistake
00:49 The Employment Act of 1946 and Keynesian Economics
02:00 Government Spending and Full Employment
05:24 The Fallacy of Full Employment
07:11 How Wealth is Produced
10:16 Dispelling Myths About Wealth Production
11:57 Full Participation in Production
15:13 Conclusion: A New Economic Goal
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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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