ABSTRACT
Duncan K. Foley has always dealt with the larger and deeper questions of economics since the day he walked into Herbert Scarf's class on mathematical economics at Yale University in the 1960s, with Scarf becoming his major professor. Scarf (1960, 1973) was the leading figure in the study of how to compute general equilibria and the problems of their uniqueness and stability, problems that Foley (2010a) has pursued to the present day in the form of the related issues of convergence to general equilibria from non-equilibrium states. The pursuit of these issues would lead him to the problem of microfoundations of macroeconomics, which he saw as involving money and which he studied with the late Miguel Sidrauski (Foley and Sidrauski, 1971). Considering the problem of money would lead him to pursue the study of Marxian economics as possibly resolving this problem (Foley, 1982), a pursuit that would lead to his experiencing professional problems in the 1970s. But, he has continued to pursue the broader issue of the role of money in the economy, even while feeling some frustration along the way at trying to fill this “one of the big lacunae of economic theory.” 1
