Re: HOMESTEAD: Re: promoting the binary brand of economics

[Norman Kurland <thirdway@cesj.org>]

Shann,

I wish that I had been clever enough to coin the term "binary economics."  No, I think it was Kelso who invented and promoted the term, and Ashford and Shakespeare who later used it as the title of their 1999 book.  Nevertheless, it's a good term for describing the complementary relationship between people and things in the productive side of the economic process and how a market economy based on widespread capital ownership and restoration of traditional rights of private property can accelerate rates of non-inflationary growth sustained by the distributive potential of broadly-owned capital.  What I like most about the term is that it has a clear moral foundation based on the Kelso/Adler/CESJ triad of principles of economic justice.  If Richard Nixon could declare himself a Keynesian, perhaps you too someday will declare yourself a binary economic pioneer.  You'd be a great addition to our growing circle.

All the best,

Norm

Shann Turnbull wrote:

 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.P.O. Box 266 Woollahra, Sydney, Australia, 1350Ph: +612 9328 7466 office; +612 9327 8487 home; Fax: +612 9327 1497;Life long E-mail: sturnbull@mba1963.hbs.edu  Alternate:sturnbull@optusnet.com.auhttp://members.optusnet.com.au/~sturnbull/index.htmlPapers at: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=26239with other papers & book at http://cog.kent.edu/library.html