Foley's Thesis, Negishi's Method, Existence Proofs and Computation
AbstractDuncan 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 InfoPaper provided by ASSRU - Algorithmic Social Science Research Unit in its series ASSRU Discussion Papers with number 1124.
Date of creation: 2011
Date of revision:
Equilibrium existence theorems; Welfare theorems; Constructive proofs; Computability;
Find related papers by JEL classification:
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
- E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-11-01 (All new papers)
- NEP-HME-2011-11-01 (Heterodox Microeconomics)
- NEP-HPE-2011-11-01 (History & Philosophy of Economics)
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