Duncan Foley is Leo Model Professor of Economics at the New School for Social Research. He has taught at the Massachusetts Institute of Technology, Stanford University, Barnard College of Columbia University and published extensively in the fields of mathematical economics, Marxist economics, macroeconomics, monetary economics, the history of economic thought, economic distribution, stability,sustainability, and development. Lance Taylor and he are the 2015 recipients of the Leontief Prize of Tufts University’s Global Development and Environmental Institute.
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This Working Paper presents three separate comments on Servaas Storm’s “The Economics and Politics of Social Democracy: A Reconsideration”. The first is by Joseph Halevi and Peter Kriesler; the second is by Duncan Foley; and the third is by Thomas Ferguson.
The central concepts of Keynes’ macroeconomic theories concerning the behavior of labor markets, aggregate demand, and asset pricing can be formulated as special cases of a general social interaction model.
Recent claims, particularly in Paul Krugman’s column and blog, on the superiority of the Hicks-Modigliani version of Keynesian economics calls for a re-thinking of the issues raised in the early controversies over what Joan Robinson called “bastard Keynesianism”.
A growth model incorporating dynamics of capital per capita, atmospheric CO2 concentration, and labor and energy productivity is described.
Featuring this expert
A discussion with Lance Taylor and Özlem Ömer, authors of INET’s new book Macroeconomics Inequality from Reagan to Trump
A reference guide to all Institute for New Economic Thinking (INET) community presentations at the Eastern Economic Association’s (EEA) 2017 annual meeting
Does general equilibrium theory sufficiently enhance our understanding of the economic process to make the entire exercise worthwhile, if we consider that other forms of thinking may have been ‘crowded out’ as a result of its being the ‘dominant discourse’? What, in the end, have we really learned from it?
The recently observed surge in wealth doesn’t equate to growth of productive capital. Joseph E. Stiglitz, Branko Milanovic, Paul Krugman and Duncan Foley discuss these issues and more.