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.