Duncan K. Foley
{{short description|American economist}}
{{Infobox economist
|name = Duncan K. Foley
|school_tradition = Classical economics, Marxian economics, Keynesian economics, Neo-Ricardian economics, Neoclassical economics, Alternatives to capitalism
|image =
|image_size =
|caption =
|birth_date = {{birth date and age|1942|6|15|mf=y}}
|birth_place = Columbus, Ohio, US
|field = Economics
|alma_mater =
Yale University (Ph.D., Economics, 1966; National Science Foundation Grant Fellowship)
Swarthmore College (B.A. Mathematics, 1964; Phi Beta Kappa)|institution = New School of Social Research and Santa Fe Institute
| doctoral_advisor = Herbert Scarf
James Tobin
| academic_advisors =
| doctoral_students = Mark Gertler
Salimullah Khan
| notable_students =
|influences = Karl Marx, Michel Aglietta, Louis Althusser, Étienne Balibar, Ladislaus Bortkiewicz, Nikolai Bukharin, Samuel Bowles, Maurice Dobb, William Baumol, Luigi Pasinetti, Erik Lindahl
|influenced =
|contributions =
| repec_prefix = f | repec_id = pfo220
}}
Duncan K. Foley (born June 15, 1942) is an American economist. He is the Leo Model Professor of Economics at the New School for Social Research and an External Professor at the Santa Fe Institute. Previously, he was associate professor of economics at MIT and Stanford, and Professor of Economics at Columbia University (Barnard College and Columbia University Graduate Faculty of Arts and Sciences). He has held visiting professorships at Woodrow Wilson School at Princeton University, UC Berkeley, and Dartmouth College, as well as the New School for Social Research (in 1995, prior to his permanent position starting in 1999).
Foley has served as the Co-Editor of ‘‘Journal of Economic Behavior and Organization’’ (1999–2001), as an Associate Editor of ‘‘Journal of Economic Theory’’ (1976–1981), and of ‘‘Journal of Economic Behavior and Organization’’ (1989–2014), and on the editorial boards of ‘‘Journal of Economic Literature’’ (1985–1991), ‘‘Metroeconomica’’ (1991–present),[http://onlinelibrary.wiley.com/journal/10.1111/%28ISSN%291467-999X/homepage/EditorialBoard.html Metroeconomica - Editorial Board - Wiley Online Library] and ‘‘Princeton University Press Series on Complexity’’ (1993–2004). He also served on the Nominating Committee of the American Economics Association (1990).[https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home/curriculum-vitae Curriculum Vitae – Duncan Foley’s Homepage]
His most-cited work was on Marxian economics and value theory, in particular his seminal book that put Das Kapital in a modern form, offering an accessible and rigorous introduction to Marx's thought[http://www.hup.harvard.edu/catalog.php?isbn=9780674920880 Understanding Capital – Duncan K. Foley | Harvard University Press] – this work disrupted his path to tenure.[https://books.google.com/books?id=M7_dN7BeVd8C 2009, David Colander, Richard P. F. Holt, J. Barkley Rosser Jr. (eds.), The Changing Face of Economics: Conversations with Cutting Edge Economists, University of Michigan Press]
However, at length he provides treatments of the history and theory of economics encompassing John Maynard Keynes, Hyman Minsky, David Ricardo, Jean-Baptiste Say, Adam Smith, and Piero Sraffa. Indeed, his work ranges across such topics as economics, physics, ecology, money, complexity and statistical reasoning, and problems of social coordination. Foley has contributed to political economy and public finance, monetary economics, global environmental economic policy and technological innovation, econometrics, Bayesian statistics and foundations for choice of theory, information theory, complex systems theory (thermodynamics / statistical mechanics) and economics (as well as classical political theory),
statistical equilibrium economic modeling, economic dynamics, and other macroeconomics (including growth theory, business cycle theory and the theory of distribution). In the field of fair division, he is considered the first to introduce the concept of envy-free resource allocation.[https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home New School Edu: Duncan Foley's homepage][http://www.santafe.edu/about/people/profile/Duncan%20Foley Santa Fe Institute: Duncan Foley][ineteconomics.org/people/duncan-foley Duncan Foley | The Institute for New Economic Thinking]
Personal life
Foley was born in Columbus, OH. He is married with one son, and is of Quaker descent. {{Citation needed|date=December 2023}}
Awards and recognition
- 2015 Leontief Award, Global Development And Environment Institute, Tufts University[http://www.ase.tufts.edu/gdae/about_us/leontief15_announcement.html Leontief 2015 Announcement: Foley & Taylor]
- 2013 Social Fairness and Economics: Essays in the Spirit of Duncan Foley[http://www.routledge.com/books/details/9780415538190/ 2013, Lance Taylor, Armon Rezai and Thomas Michl eds., Social Fairness and Economics: Essays in the Spirit of Duncan Foley], New York: Routledge (Frontiers of Political Economy)]
- [https://docs.google.com/a/newschool.edu/viewer?a=v&pid=sites&srcid=bmV3c2Nob29sLmVkdXxkdW5jYW4tZm9sZXktaG9tZXBhZ2V8Z3g6NjQyMGZmNmUwMDUwNDgwZA Gildersleeve Lecturer], Barnard College of Columbia University, 2009[https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home/curriculum-vitae Curriculum Vitae – Duncan Foley’s Homepage]
- Schumpeter Lectures, University of Graz, 2001[schumpeter-centre.uni-graz.at/en/teaching/graz-schumpeter-lectures/ Schumpeter Lectures Graz Schumpeter Lectures - Graz Schumpeter Center]
- International Who's Who of Economics[https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home/curriculum-vitae Curriculum Vitae – Duncan Foley’s Homepage]
- Ford Foundation Faculty Research Professor, 1969-70[https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home/curriculum-vitae Curriculum Vitae – Duncan Foley’s Homepage]
Selected publications
- 2010 [https://www.researchgate.net/publication/222543406_Whats_wrong_with_the_fundamental_existence_and_welfare_theorems "What's wrong with the fundamental existence and welfare theorems?"], Journal of Economic Behavior and Organization 75
- 2009, “The economic fundamentals of global warming” in Jonathan M. Harris and Neva R. Goodwin (eds.), [http://www.ase.tufts.edu/gdae/publications/twentyfirst_century_macro.html Twenty-first Century Macroeconomics: Responding to the Climate Challenge] Edward Elgar Publishing
- 2008, [http://www.hup.harvard.edu/catalog.php?isbn=9780674027299 Adam’s Fallacy: A Guide to Economic Theology]. Cambridge MA: Harvard University Press
- 2003, [https://books.google.com/books?id=aQKqAVWxjhMC Unholy Trinity: Labor, Capital, and Land in the New Economy], London: Routledge
- 1999, co-author with Thomas R. Michl [http://www.hup.harvard.edu/catalog.php?isbn=9780674364202 Growth and Distribution], Cambridge MA: Harvard University Press (Japanese trans., 2002)
- 1998, co-editor (and contributor) with Peter S. Albin, [http://press.princeton.edu/titles/6317.html Barriers and Bounds to Rationality: Essays on Economic Complexity and Dynamics in Interactive Systems], Princeton: Princeton University Press
- 1994, [http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.37.6884&rep=rep1&type=pdf "A Statistical Equilibrium Theory of Markets,"] Journal of Economic Theory 62:2
- 1990, [https://www.jstor.org/stable/40970608 "Recent Developments in Economic Theory,"] Social Research 57:3
- 1986, [http://www.hup.harvard.edu/catalog.php?isbn=9780674920880 Understanding Capital: Marx's Economic Theory], Cambridge MA: Harvard University Press (Japanese trans., 1988; Italian trans., 1994)
- 1986, [https://books.google.com/books?id=4Mz4Oq0lGb0C Money, Accumulation and Crisis], London/New York: Harwood Academic (Japanese trans., 1988; Italian trans., 1994)
- 1982, {{cite journal | author=Duncan K. Foley | author-mask=0 | title=The Value of Money, the Value of Labor Power, and the Marxian Transformation Problem | journal=Review of Radical Political Economics | volume=14 | number=2 | pages=37–46 | year=1982 | doi=10.1177/048661348201400204 | s2cid=154598942 }}
- 1971, co-author with Miguel Sidrauski, [https://books.google.com/books?id=sxKxAAAAIAAJ Monetary and Fiscal Policy in a Growing Economy], New York: Macmillan (Japanese trans., 1974)
- 1967, [https://www.jstor.org/stable/1909241 "Lindahl's Solution and the Core of an Economy with Public Goods"], Econometrica, 38:1, pp. 66–72
- 1967, "Resource allocation and the public sector," ''Yale Economic Essays 7:1, pp. 45–98
Several working papers are also available [https://sites.google.com/a/newschool.edu/duncan-foley-homepage/home/downloads here].
See also
References
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Category:21st-century American economists
Category:Yale Graduate School of Arts and Sciences alumni