Word: kelso
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...Louis O. Kelso, a corporation attorney and economist, will speak on changing economic conditions potentially favorable to poor people at 1:30 p.m. today in Lowell Lecture Hall...
...Kelso is anxious to do for poor people what he did for the wealthy-distribute wealth," the Rev. Virgil A. Wood, one of the sponsors of the speech and a student at the Ed School, said...
Unbottling the Genie. Like any adventurous idea, Kelso's plan has drawbacks. Critics argue that even if Congress could be persuaded to change the necessary laws-a big if-his second-income plan would merely be a substitute for today's Government redistribution of wealth through taxes, welfare, giveaways and make-work programs. Another difficulty is that Kelso concentrates on the manufacturing sector of the economy, noting that greater capital investment would lead to more productivity. But he tends to play down the rising importance of the economy's service sector, in which productivity growth is slow...
Present stockholders might logically object that issuance of so many new shares to finance plant expansion would dilute their equity in corporations. Kelso notes, however, that stockholders' proportional share in the old assets of a company would remain the same; only the new wealth created by expansion would be spread widely among the new shareholders. To be sure, if Kelso's plan were widely adopted, the stock market might lose its lure as a casino. Reason: investors would have much less incentive to gamble on rising stock prices and much more inducement to invest for steady income. Kelso...
Despite the flaws, Executive Vice President Walter Hoadley of the Bank of America calls Kelsonian theory "a forward-looking concept designed to preserve our enterprise system." Kelso himself seems convinced that his time has come. "I let the genie out of the bottle, and it's not going back," he says. "What did the French College of Surgeons call Pasteur? A mere chemist. I think that I am the Pasteur of finance...