The Man Who Would Make Everybody Richer

EVEN in an age that venerates heresy, the iconoclastic philosophy of Louis Orth Kelso outrages many a professional economist. "A crackpot theory," argues Money Expert Milton Friedman. "Instead of saying that labor is exploited, Kelso says that capital is exploited. It's Marx stood on its head." Replies Kelso: "Damn right—and what's wrong with that?"

Kelso, 56, a highly successful San Francisco corporate lawyer, author and sometime economist, insists that economic ideologists as diverse as Karl Marx and John Maynard Keynes have been wrong. They have overstressed one factor—the role of labor—in the production...

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