Abstract
The “efficiency-distribution” model introduced by Houthakker in 1955 offers a flexible approach to production theory that does not require the measurement of capital and other fixed assets. Thus it avoids the theoretical problems associated with the Cambridge controversies and with Franklin Fisher’s critiques of aggregation. The efficiency distribution model can be empirically implemented using only observed productivity distributions and the share of output received by the non-fixed factors. Applications include estimating, for a variety of potential distributions, the vulnerability of human wages to the introduction of robotic substitutes.
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