Able Quote by John Maynard Keynes
“It is preferable to regard labour, including, of course, the personal services of the entrepreneur, and his assistants, as the sole factor of production, operating in a given environment of technique, natural resources, capital equipment and effective demand. This is why we have been able to take labour as the sole physical unit which we require in our economic system, apart from units of money and of time.”
About This Quote
Source Book: The General Theory of Employment, Interest and Money, 1936
Keynes argues that labor is the fundamental productive factor, independent of capital, money, or time, within a given technical and resource context.
In simple terms: Labor is the core productive element.
Key Takeaway
Focus on labor productivity.
Themes
economics
production
labor
theory
policy
Mood
analytical
critical
Type
theoretical
policy.
When to use this quote
- industrial planning
- business strategy
- public policy
- education curricula
Key Concepts
Keynesian economics
factor of production
effective demand
Questions to Reflect On
- How can we balance labor focus with technological innovation?
- What policies ensure effective demand?
A Different Perspective
Labor alone cannot drive growth without technology and demand.
