Duncan Foley

Leo Model Professor
New School for Social Research

Duncan K. Foley graduated from Swarthmore College with a B.A. in Mathematics in 1964, and received the Ph.D. in Economics from Yale University in 1966. He has taught at M.I.T., Stanford, Barnard College of Columbia University, and since 1999 has been Leo Model Professor at the Economics Department of the New School for Social Research. He is an External Professor at the Santa Fe Institute.

He has published in the fields of Public Finance, Macroeconomics, Money, Marxist Economic Theory, Economic Dynamics, Neo-Ricardian Economics, Growth Theory, and Complex Systems Theory and Economics.

Foley's recent work includes studies of the relation of statistical mechanics and thermodynamics to economics, global warming policy, complexity theory and Classical political economy ("Unholy Trinity: Labor, Capital and Land in the New Economy", Routledge, 2003), work on the foundations of statistical method, and Marx's theory of money. He published a book on the history of political economy and economics, "Adam's Fallacy: A Guide to Economic Theology", in 2006. 


My Additional Content

A growth model incorporating dynamics of capital per capita, atmospheric CO2 concentration, and labor and energy productivity is described. In the “medium run” output and employment are determined by effective demand in contrast to most models of climate change. In a “long run...

Determining the social cost of carbon emissions (SCC) is a crucial step in the economic analysis of climate change policy as the US government’s recent decision to use a range of estimates of the SCC centered at $77/tC (or, equivalently, $21/tCO2) in cost-benefit analyses of proposed...

Paper given at the Conference @ King's, April 8th-11th, 2010.

My Video Content

See video

An American professor explains how the financial sector grew in importance and in its portion of the whole economy starting with new economic policies begun in 1980.

See video

An American professor outlines what a new economics curriculum for undergraduate and graduate students should look like, and what kind of professors should be developed.

See video

An American professor gives his advice on what the next generation of economists should keep in mind as they help reinvent the global economy of the future.

See video

The Inaugural Conference @ King's, Institute for New Economic Thinking, Session 6: Mathematical Models: Rigorously Testable, Qualitative Metaphors, or Simply an Entry Barrier.

My Grants

Mainstream economics has not adequately dealt with the long-term consequences of economic growth with regard to the effects of climate change, shifts toward a service-centered economy, and potential financial and fiscal instability. The project will aim to help correct this gap. It will focus on...