A Quote by Kim Stanley
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.
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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.
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.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
Remember that accumulated knowledge, like accumulated capital, increases at compound interest: but it differs from the accumulation of capital in this; that the increase of knowledge produces a more rapid rate of progress, whilst the accumulation of capital leads to a lower rate of interest. Capital thus checks it own accumulation: knowledge thus accelerates its own advance. Each generation, therefore, to deserve comparison with its predecessor, is bound to add much more largely to the common stock than that which it immediately succeeds.
The prerequisite for more economic equality in the world is industrialization. And this is possible only through increased capital investment, increased capital accumulation.
If, for example, each of us had the same share of capital in the national total capital, then if the share of capital goes up it's not a problem, because you get as much as I do. The problem is that capital in capitalist countries is very heavily concentrated, especially financial capital. So then if the share of income from that source goes up, that actually exacerbates inequality.
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.
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.
Economic progress is the work of the savers, who accumulate capital, and of the entrepreneurs, who turn capital to new uses.
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.
Labor is superior to capital and precedes capital. Without labor, there is no 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.
I don't believe in capital per se or a priori but I do occasionally believe in personal capital vis-a- vis psychic energy exchange. I use the word "capital" only poetically.
We are paying teachers who are in charge of our human capital, arguably more important than our financial capital, a very tiny fraction of what Wall Streeters are paid.
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.
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.
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