ABSTRACT
A considerable part of Duncan Foley's work is devoted to the theory of value and income distribution in Karl Marx and in the classical authors from Adam Smith to David Ricardo; see, especially, Foley (1982, 1986, 2000, 2006) and Duménil and Foley (2010). Foley has expressed a fair amount of sympathy for Marx's achievements in this regard, and has also responded to the criticism of labour-value-based reasoning in the aftermath of the publication of Piero Sraffa's Production of Commodities by Means of Commodities (Sraffa, 1960). As we interpret Duncan's contribution, he was not totally convinced by Sraffa's reformulation and rectification of the classical approach to the theory of value and distribution, and defended Marx's theory against the criticism of labour-value-based reasoning that derived fromit(see especially Steedman, 1977).Wecomment on Duncan's point of view briefly towards the end of the third section.
