Saturday, September 29, 2012

MUST READ for MBAs: "LABOR & CAPITAL" by Abraham Lincoln ---> "No capital without labor, for labor creates capital"

(From the internet)
Abraham Lincoln once said something like: 

"There is no capital without labor, because it is labor that produces the capital".

The rich need the labor of the poor to create capital. The poor and the middle class are not a burden on society, they are an essential part of society. If there were no workers, there would be no continued wealth creation for the rich.

Abraham Lincoln saw agriculture as an opportunity for "cultivated thought," saying:
"Every blade of grass is a study; and to produce two, where there was but one, is both a profit and a pleasure."

Please read the excellent piece below, from "The collected works of Abraham Lincoln". 

"....... capital is the fruit of labor, and could never have existed if labor had not first existed - that labor can exist without capital, but that capital could never have existed without labor. Hence they hold that labor is the superior - greatly the superior - of capital........"

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