[ { "id": "authors:xf25p-8h662", "collection": "authors", "collection_id": "xf25p-8h662", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171012-165853793", "type": "publication_workingpaper", "title": "The Role of Feedback in a Dynamically Stable Economic System", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "Generally speaking, the stimuli to various types of technological change are associated with two types of anticipated feedback: hidden hand feedback (the possibility of making higher profits) and hidden foot feedback (the possibility of being dislodged from a successful market by the process of creative destruction). In this paper it is argued that the most significant gains in productivity result from hidden foot rather than hidden hand feedback. Moreover, it is also argued that the disappearance of such feedback has not only contributed to the productivity slowdown, but also to providing the economy with a very unique kind of inflationary bias in which inflationary pressures are likely to reach their maximum strength when the economy is headed into a downturn. Finally, various measures to restore the dynamic stability of the economy are considered.", "doi": "10.7907/xf25p-8h662", "publisher": "California Institute of Technology", "publication_date": "1980-02" }, { "id": "authors:mmwdc-5x131", "collection": "authors", "collection_id": "mmwdc-5x131", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171013-161258824", "type": "publication_workingpaper", "title": "A Dynamic View of the Economy", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "This paper argues that U.S. productivity decline occurred because of some profound changes in the American economy. It is also argued that the same changes help to explain the economy's increasing inflationary bias.", "doi": "10.7907/mmwdc-5x131", "publisher": "California Institute of Technology", "publication_date": "1980-01" }, { "id": "authors:nf771-crm12", "collection": "authors", "collection_id": "nf771-crm12", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171016-134005596", "type": "publication_workingpaper", "title": "The U.S. Productivity Slowdown and Its Relation to the Inflation Problem", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "[Introduction] Numerous explanations for the productivity slowdown of\nthe United States have been expounded by economists, business\nleaders, and politicians since it became painfully apparent in\nthe early 1970s. With the imposition of a form of environmental\nregulation upon American industry in general not unlike that\nimposed by the Defense Department upon its contractors, the most\nconnnonly given cause is government regulation. How else to\nexplain the productivity slowdown?", "doi": "10.7907/nf771-crm12", "publisher": "California Institute of Technology", "publication_date": "1979-08" }, { "id": "authors:4rk40-21483", "collection": "authors", "collection_id": "4rk40-21483", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171018-141622285", "type": "publication_workingpaper", "title": "The Slowdown in Productivity Advances: A Dynamic Explanation", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "How is the slowdown in the U.S. rate of productivity advance (see Figures I and II) to be explained? Quite obviously, before it can be explained the principal determinants of the rate of productivity advance need to be known. Many people believe that productivity advances are quite automatic, and were it not for such external factors as regulation and inflation or the declining growth rate there would be no slowdown. But without knowing what determines the rate of productivity increase how can we be sure?", "doi": "10.7907/4rk40-21483", "publisher": "California Institute of Technology", "publication_date": "1979-06" }, { "id": "authors:wzmk8-88v92", "collection": "authors", "collection_id": "wzmk8-88v92", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171018-132923436", "type": "publication_workingpaper", "title": "Ocean Mining Policy: A Dynamic Approach", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "[No abstract]", "doi": "10.7907/wzmk8-88v92", "publisher": "California Institute of Technology", "publication_date": "1979-02" }, { "id": "authors:ss846-ag539", "collection": "authors", "collection_id": "ss846-ag539", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171023-100308939", "type": "publication_workingpaper", "title": "A Dynamic Theory of Regulation", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "According to the theory presented in this paper, economic regulation does not ordinarily result from market failure; nor does it ordinarily result from an attempt to divide monopoly profits among a smaller, rather than larger, number of firms. It results from a difference in utility functions with respect to both individuals and firms: for example, when older firms in an industry lose their taste for rivalry and are able to obtain government assistance to impose \"order\" on the industry.", "doi": "10.7907/ss846-ag539", "publisher": "California Institute of Technology", "publication_date": "1978-02" }, { "id": "authors:h79v1-2z168", "collection": "authors", "collection_id": "h79v1-2z168", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171030-151319601", "type": "publication_workingpaper", "title": "Limits to Growth: A Report for the Club of Rome", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "My talk will be divided into three parts, First, I will briefly describe the conclusions of the much publicized report for the Club of Rome: The Limits to Growth. Second, I will describe the model employed to make the calculations not so much from a technical point of view but to give you a feeling for the reasoning involved. And the last part will point out that though the model is extremely naive it nevertheless contains an important germ of truth.", "doi": "10.7907/h79v1-2z168", "publisher": "California Institute of Technology", "publication_date": "1975-08" }, { "id": "authors:886k5-3zz53", "collection": "authors", "collection_id": "886k5-3zz53", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171031-135952402", "type": "publication_workingpaper", "title": "The Public Policy Issues Involved in Dealing with Environmental Degradation: A Dynamic Approach", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "From a public policy standpoint, the issues of environmental degradation are unique in that they involve making decisions under conditions of \"strong uncertainties.\" No one can calculate in probabilistic terms either the risks to societies of environmental degradation or the costs that will be encountered to bring about a lower rate. With respect to the risk, there is no way of calculating to what extent the lives of people might be shortened by living in a densely populated and multifariously polluted city such as Los Angeles. Physicians have only a very rough idea of how respiratory and heart diseases are affected by certain kinds of contaminants. However, the more that is learned about the risks of environmental degradation, the more serious they do appear. This has been proven true with respect to radioactivity as well as with respect to cigarette smoking. And there is no reason to suppose it will not be true with respect to other pollutants.", "doi": "10.7907/886k5-3zz53", "publisher": "California Institute of Technology", "publication_date": "1975-01" }, { "id": "authors:rn56m-c0294", "collection": "authors", "collection_id": "rn56m-c0294", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171101-142345065", "type": "publication_workingpaper", "title": "A Dynamic Theory of Competition", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" } ], "abstract": "What is the relationship between competition and progress? It can be assumed that as of any given moment technologies provide different potentials for satisfying human desires. For example, it can be assumed that if Henry Ford had decided to enter, say, the pin making rather than the automobile business, he would have found in the former a lower potential: even if the elasticity of demand for pins were very high, there simply may have been no real opportunity to bring about a significant reduction in the cost. In other words, the potential as far as pin making was concerned might have been more or less completely exhausted. And if we assume an economy of pin mills, then obviously there could be little or no competition in ideas and no real progress.", "doi": "10.7907/rn56m-c0294", "publisher": "California Institute of Technology", "publication_date": "1974-10" }, { "id": "authors:3hjpe-81x25", "collection": "authors", "collection_id": "3hjpe-81x25", "cite_using_url": "https://resolver.caltech.edu/CaltechAUTHORS:20171101-161520611", "type": "publication_workingpaper", "title": "The Menu of Technology", "author": [ { "family_name": "Klein", "given_name": "Burton H.", "clpid": "Klein-B-H" }, { "family_name": "Coltri", "given_name": "Alan", "clpid": "Coltri-A" } ], "abstract": "[No abstract]", "doi": "10.7907/3hjpe-81x25", "publisher": "California Institute of Technology", "publication_date": "1973-10" } ]