Source: 1860s, First State of the Union address (1861)
Context: 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 has its rights, which are as worthy of protection as any other rights. Nor is it denied that there is, and probably always will be, a relation between labor and capital producing mutual benefits. The error is in assuming that the whole labor of community exists within that relation.
“Production functions involving only land, labor and capital… never work and never explain economic development.”
Kenneth Boulding (1990). "Taxonomy as a Source of Error." in Methodus Vol 2. p. 17-21, as cited in: Deirdre McCloskey (2013) " What Boulding Said Went Wrong with Economics, A Quarter Century On http://www.deirdremccloskey.com/editorials/boulding.php"
1990s and attributed
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Kenneth E. Boulding 163
British-American economist 1910–1993Related quotes
Elements of Refusal (1988)
Introduction to Capital. Introduction to volume 1 (1976)
Yanis Varoufakis and Noam Chomsky discussion the New York Public Library (26 April 2016)
“There’s such a thing as spiritual capital that has economic function and potential.”
Source: Doing Virtuous Business (Thomas Nelson, 2011), p. 15.
Source: The Imaginary Institution of Society (1975), p. 16.
Source: Imperialism, The Highest Stage of Capitalism (1917), Chapter Four, "The Export of Capital"
Source: Europe and the People Without History, 1982, Chapter 3, Modes of Production, p. 78.
Referring to a potential Vice President, 18 December 2007 http://www.newsweek.com/id/103730/page/3 http://www.nytimes.com/2008/01/14/opinion/14krugman.html?_r=3&hp&oref=slogin&oref=login&oref=slogin
2000s, 2007
Hayek's Journey: The Mind of Friedrich Hayek (2003)