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Foley's Thesis, Negishi's Method, Existence Proofs and Computation


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  • K. Vela Velupillai
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    Duncan Foleyís many-faceted and outstanding contributions to macroeconomics, microeconomics, general equilibrium theory, the theory of taxation, history of economic thought, the magnificent dynamics of classical economics, classical value theory, Bayesian statistics, formal dynamics and, most recently, fascinating forays into an interpretation of economic evolution from a variety of complexity theoretic viewpoints have all left -and continue to leave - significant marks in the development and structure of economic theory. He belongs to the grand tradition of visionaries who theorise with imaginative audacity on the dynamics, evolution and contradictions of capitalist economies - a tradition that, perhaps, begins with Marx and Mill, continues with Keynes and Schumpeter, reaching new heights with the iconoclastic brilliancies of a Tsuru and a Goodwin, a Chakravarty and a Nelson, and to which Duncan Foley adds a lustre of much value. In this contribution I return to mathematical themes broached in Foleyís brilliant and pioneering Yale doctoral dissertation (Foley, 1967) and attempt to view them as a Computable Economist would.The intention is to suggest that algorithmic indeterminacies are intrinsic to the foundations of economic theory in the mathematical mode

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    Bibliographic Info

    Paper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1124.

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    Date of creation: 2011
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    Handle: RePEc:trn:utwpas:1124

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    Keywords: Equilibrium existence theorems; Welfare theorems; Constructive proofs; Computability;

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    1. Warren Young, 2008. "Negishi's contributions to the development of economic analysis: Research programs and outcomes," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(2), pages 151-165.
    2. K. Vela Velupillai, 2011. "Towards an Algorithmic Revolution in Economic Theory," ASSRU Discussion Papers 1105, ASSRU - Algorithmic Social Science Research Unit.
    3. Takashi Negishi, 2008. "Unnoticed predecessors of the early Negishi theorems," International Journal of Economic Theory, The International Society for Economic Theory, vol. 4(2), pages 167-173.
    4. K. Vela Velupillai, 2008. "Uncomputability and Undecidability in Economic Theory," Department of Economics Working Papers 0806, Department of Economics, University of Trento, Italia.
    5. K. Vela Velupillai, 2005. "The Foundations of Computable General EquilibriumTheory," Working Papers 0093, National University of Ireland Galway, Department of Economics, revised 2005.
    6. Gilboa, Itzhak, 2012. "Rational Choice," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262518058, December.
    7. Shoven,John B. & Whalley,John, 1992. "Applying General Equilibrium," Cambridge Books, Cambridge University Press, number 9780521319867, April.
    8. Foley, Duncan K., 1978. "State expenditure from a Marxist perspective," Journal of Public Economics, Elsevier, vol. 9(2), pages 221-238, April.
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