A Quote by Abraham Lincoln
Labor is superior to capital and precedes capital. Without labor, there is no capital.
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Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.
Capital is a result of labor, and is used by labor to assist it in further production. Labor is the active and initial force, and labor is therefore the employer of capital.
We are coming to see that there should be no stifling of labor by capital, or of capital by labor; and also that there should be no stifling of labor by labor, or of capital by capital.
Each needs the other: capital cannot do without labor, nor labor without capital.
Labor in this country is independent and proud. It has not to ask the patronage of capital, but capital solicits the aid of labor.
From my earliest acquaintance with the science of political economy, it has been evident to my mind that capital was the product of labor, and that therefore, in its best analysis there could be no natural conflict between capital and labor.
It is time that capital and labor realized that their interests are really comutual, as interdependent as the brain and the body; time they ceased their fratricidal strife and, uniting their mighty forces under the flag of Progress, completed the conquest of the world and doomed Poverty, Ignorance and Vice... Unless labor is employed, capital cannot increase - it cannot concentrate. Unless property rights are held inviolable and capital thereby encouraged to high enterprise, labor is left without a lever with which to lift itself to perfect life and must sink back to barbarism.
Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior ofcapital, and deserves muchthe higher consideration.
If you divorce capital from labor, capital is hoarded, and labor starves.
Thus, the capital owner is not a parasite or a rentier but a worker - a capital worker. A distinction between labor work and capital work suggests the lines along which we could develop economic institutions capable of dealing with increasingly capital-intensive production, as our present institutions cannot.
Digitally enabled supply chains initially increased efficiency and dramatically shortened lead times. Capital was mobile; labor, less so. Economic activity (production, research, design, etc.) moved to any accessible country or region that had relatively inexpensive labor and human capital.
In a capitalist world, the word capital has taken on more and more uses. . . . human capital, for instance, which is what labor accumulates through education and work experience. Human capital differs from the classic kind in that you can't inherit it, and it can only be rented, not bought or sold.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
I'd love if people relearned the lessons of the 20th century all over again. Which is to say this country progressed economically and socially when we had a better balance between capital and labor. Neither capital or labor won every argument. The battle between the two created economic tension, and transformed the working class into the middle class, and grew the economy.
In the struggle between capital and labor, more often than not capital has won, because the real source of value for most companies has historically been the hard assets that they owned and controlled.
In a condition of society and under an industrial organization which places labor completely at the mercy of capital, the accumulations of capital will necessarily be rapid, and an unequal distribution of wealth is at once to be observed.
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