Review of Marjorie Kelly's Article
Economics 2301
February 4, 2013
Assignment #1
Part 1
In reading Marjorie Kelly’s article, the clear subheadings indicate the focal points she wishes the readers to concentrate on. These subheadings are as follows, the Principle of Equality, the property right of labor, emerging property rights, reclaiming Locke and Smith, restoring natural economic law, the pros and cons of employee ownership. The Principle of Equality is stated best by using the author’s own words, “efficiency is best served when gains go to those who create the wealth”. The point of her bringing this up is to mention how wealth is best distributed by giving it back to those who distribute it. However she does advocate newer forms of how this should take place such as instead of just handing back money to the wealthy such as in the form of taxes, there should be other ideal forms to allocate the wealth into generating more wealth. Kelly’s second point she addresses is that of property and how that concept ties in directly with labor itself. Kelly addresses the obvious yet unfortunately not so obvious fact that aristocracy is alive and well in the form of our economic ideals and the reality of CEOs. Property for the individual ought not to be earned solely through capital but rather through labor itself. Once again Kelly’s third point is a wonderful spot on observation of how the old superiority of kings and how their wealth trickles down to their descendants is alive and well today in our own world. Kelly argues that the automatic assumption that we as a society make that the wealth automatically travels upstream ought to be examined and then changed. Employees should be given a better share of the wealth that they themselves help create, and this today is not happening. CEOs are our new kings and we are the lowly subjects. This can change when companies start to realize that greed is not good, and generosity to their employees is not just a deserved right, but the ideal. The fourth
February 4, 2013
Assignment #1
Part 1
In reading Marjorie Kelly’s article, the clear subheadings indicate the focal points she wishes the readers to concentrate on. These subheadings are as follows, the Principle of Equality, the property right of labor, emerging property rights, reclaiming Locke and Smith, restoring natural economic law, the pros and cons of employee ownership. The Principle of Equality is stated best by using the author’s own words, “efficiency is best served when gains go to those who create the wealth”. The point of her bringing this up is to mention how wealth is best distributed by giving it back to those who distribute it. However she does advocate newer forms of how this should take place such as instead of just handing back money to the wealthy such as in the form of taxes, there should be other ideal forms to allocate the wealth into generating more wealth. Kelly’s second point she addresses is that of property and how that concept ties in directly with labor itself. Kelly addresses the obvious yet unfortunately not so obvious fact that aristocracy is alive and well in the form of our economic ideals and the reality of CEOs. Property for the individual ought not to be earned solely through capital but rather through labor itself. Once again Kelly’s third point is a wonderful spot on observation of how the old superiority of kings and how their wealth trickles down to their descendants is alive and well today in our own world. Kelly argues that the automatic assumption that we as a society make that the wealth automatically travels upstream ought to be examined and then changed. Employees should be given a better share of the wealth that they themselves help create, and this today is not happening. CEOs are our new kings and we are the lowly subjects. This can change when companies start to realize that greed is not good, and generosity to their employees is not just a deserved right, but the ideal. The fourth