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

K. Vela Velupillai

No 1124, ASSRU Discussion Papers from ASSRU - Algorithmic Social Science Research Unit

Abstract: 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

Keywords: Equilibrium existence theorems; Welfare theorems; Constructive proofs; Computability (search for similar items in EconPapers)
JEL-codes: C02 C63 D58 E17 (search for similar items in EconPapers)
Date: 2011
New Economics Papers: this item is included in nep-hme and nep-hpe
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