Papers

Unpublished talks and papers

David Gordon Lecture: Rethinking Financial Capitalism and the “Information” Economy

The David Gordon lecture I delivered at the ASSA-URPE meetings in San Diego, CA, January 4, 2013. The lecture applies the classical political-economy concepts of productive and unproductive labor and the pool of surplus value to analyze a range of ideas about the evolution of post-industrial capitalism to an information technology-based service economy centered on finance, education, and medical care. FoleyGordonLectureRev20130103.pdf


Profit rates and growth rates in a circuit of capital with endogenous spending lags

FoleyCircCapEndSpending20130324.nb.zip


A Mathematica notebook that surveys the circuit of capital model, and develops a demand-constrained version with separate worker household and capitalist household sectors. This is very much a work in progress. Feel free to download the notebook and play with it if you have Mathematica running.


There is a .pdf printout of the notebook, too.FoleyCircCapEndSpending20130324.pdf.zip

Socialist alternatives to capitalism.
Two talks on the history and current prospects for socialism delivered to the University of Wisconsin Sociology Department, April, 2011. FoleySocialismMarxtoHayek.pdfFoleySocialismViennatoSantaFe.pdf
The Political Economy of U.S. Output and Employment 2001–2010

A talk for the INET Bretton Woods conference, April 8--10, 2011. The inclusion of financial and other imputed incomes in GDP accounts flatters measures of U.S. economic growth, and leads to an underestimation of the magnitude of the post-2007 crisis downturn and an overestimate of the extent of the recovery.FoleyINETBrettonWoodsRev20110605.pdf

The Political Economy of Post-crisis Global Capitalism

A talk for the Chicago Center for Contemporary Thought conference on Global Crisis: Rethinking Economy and Society, December 3--4, 2010.FoleyPolEconGlobalCap.pdf

Notes on Crisis and Social Change

A short presentation for the Historical Materialism Conference in New York January 14--16, 2010. I question the presumption that economic crisis fosters progressive social change, and argue for the need to conceptualize a left-wing program of economic reorganization as an alternative to capitalism.FoleyNotesCrisisSocChange.pdf


The anatomy of financial and economic crisis
The Gildersleeve Lecture at Barnard College, April 17, 2009. The talk investigates the theory of financial and economic crises as a social coordination problem. It discusses the origins of the 2007-8 crises in financial fragility and global structural instability of capital movements and effective demand. The talk ends with suggestions for a new regime for the global economy based on fixed exchange rates, capital movement controls, and political regulation of key prices.FoleyAnatFinEconCrises.pdf

The Circuit of Capital, U.S. Manufacturing and Non-Financial Corporate Business Sectors, 1966 –2009 

Joint paper with Piruz Alemi presented at the Eastern Economics Association Meetings 2010, reporting estimates of key time series for U.S. Manufacturing and Non-Financial Corporate Business Sector circuit of capital parameters.AlemiFoleyCircCap EEA Paper.pdf

The Economic-Historical Roots of U.S. Foreign Policy

Discusses the dilemmas of U.S. foreign policy in the context of world inequality and the dismantling of colonial empires. FoleyEcHistRootUSForPol.pdf

On Marx's Theory of Money

Reviews Marx's theory of money and the problems of applying it to contemporary monetary institutions. From the vantage point of 1997 I am less confident of the theoretical and practical adequacy of the Keynesian theory of inflation as arising from the pricing decisions of individual firms put forward in this paper than I was in 1983. The general thrust of the rest of the paper still seems correct and relevant to me. Social Concept 1(1), 5-19.Foleymarxmon.pdf

Maximum Entropy Exchange Equilibrium

A 1991 paper on maximum entropy ideas applied to conventional economic exchange models. This paper proves that the entropy prices corresponding to the maximum entropy Pareto-efficient allocation are proportional to the marginal rates of substitution at that equilibrium.maxentexeq.pdf

Ideology and methodology

An unpublished pep talk to Berkeley graduate students in 1989 discussing personal and collective survival strategies for non-mainstream economists. 

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Duncan Foley,
Mar 24, 2012, 4:14 PM
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Duncan Foley,
Mar 24, 2012, 3:22 PM
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FoleyCircCapEndSpending20130324.nb.zip
(372k)
Duncan Foley,
Mar 24, 2013, 9:00 AM
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FoleyCircCapEndSpending20130324.pdf.zip
(526k)
Duncan Foley,
Mar 24, 2013, 9:00 AM
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Duncan Foley,
Mar 24, 2012, 3:26 PM
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Duncan Foley,
Jan 13, 2013, 5:56 AM
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Duncan Foley,
Mar 24, 2012, 2:16 PM
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Duncan Foley,
Mar 24, 2012, 3:30 PM
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Duncan Foley,
Mar 24, 2012, 3:10 PM
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Duncan Foley,
Mar 24, 2012, 2:50 PM
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Duncan Foley,
Mar 24, 2013, 8:36 AM
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Duncan Foley,
Mar 24, 2013, 8:36 AM
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Duncan Foley,
Mar 24, 2012, 4:00 PM
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Duncan Foley,
Feb 3, 2013, 8:35 AM