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The two-factor theory / Louis O. Kelso and Patricia Hetter interviewed by Elsa Knight Thompson

Program Title:
The two-factor theory / Louis O. Kelso and Patricia Hetter interviewed by Elsa Knight Thompson
PRA Archive #: 
BB2402
Description: 

Louis O. Kelso and Patricia Hetter, originators of the economic theory "Two-factor theory," and authors of the book of the same title, make a valiant attempt to explain the theory to Elsa Knight Thompson. Louis Kelso states that it is a concept of the nature of the production and distribution process in economics. For the purposes of understanding the industrial economics of a free society, one must define the factors of production into two categories: the people or labor factor, including manual or mental labor; and the non-human factor - everything that is ownable, not including money, i.e. land, structures, and machines. Fundamental thrust of the theory is that both factors produce goods and services in the same physical, economic, political, and moral senses. The theory also states that technological change is a process by which man, using his intelligence, harnesses nature and makes nature work for him through his capital instruments, not through himself. Technological change is a process by which more and more of the burden of production is taken over by the non-human factor. Kelso was also renowned for inventing the Employee Stock Ownership Plan.

Original tape box image: 
Station: 
Date Recorded on: 
February 16, 1970
Date Broadcast on: 
KPFA, April 12, 1970
Item duration: 
1 reel (42 min.) : 7 1/2 ips, mono.
Keywords: 
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Contributor: 
Role: 
Interviewer
Distributor: 
Los Angeles : Pacifica Radio Archives, 1970
Rights Summary: 
RESTRICTED. Permissions, licensing requests, Curriculum Initiative, Campus Campaign and all other inquiries should be directed to: Mark Torres, Archives Director, 800-735-0230, Mark@PacificaRadioArchives.org
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This recording has been digitally preserved as part of Pacifica's American Women Making History and Culture: 1963-1982 grant preservation project, and is available for research and reference . Please contact the archives via telephone: 818-506-1077 or email:  americanwomen at pacificaradioarchives dot org for information on how to obtain a copy of this program. Thank you.



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