HOMESTEAD: Re: promoting the binary brand of economics

[Shann Turnbull <sturnbull@mba1963.hbs.edu>]

Norm

Your comment explains why I used the words "before the
"binary" brand of economics was promoted" rather than
suggest it was before binary economics was named.  It is my
impression and recollection from past exchanges in the ownership group
that it was you and the CESJ that promoted the branding of the Kelso
approach as "binary economics" rather than Kelso himself who
promoted "Two factor theory".

It was to recognise the "two income" economy described by Kelso
that I referred to the two layer economic cake in Democratising the
wealth of nations with one income arising from labor and the other
from productive assets. 

Regards

Shann


At 01:09 PM 10/9/2001, Norman Kurland wrote:
> Shann, 
>
> In 1967 Kelso and Hetter wrote "Two-Factor Theory: The Economics of
> Reality" (Random House hardback and Vintage paper back). "
> Two-factor theory" and "binary economics" (a term he had
> been using when I met him in 1965) are synonymous.  All Kelso's
> major ideas, including his idea for using central bank credit for
> financing growth linked to broad-based capital ownership, were
> well-developed before I met him. 
>
> Norm Kurland

Shann Turnbull  Ph.D.

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