Abstract

Duncan Foley’s Unholy Trinity: Labor, capital, and land in the new economy is the sixth in the series of Graz Schumpeter Lectures published by Routledge, all relatively slim volumes elucidating themes arguably related to Schumpeter, if just peripherally, and that usually summarize major arguments of the authors (previous authors were Stanley Metcalfe, Brian Loasby, Nathan Rosenberg, Ian Steedman, and Erich Streissler). In this one, which deals with questions of induced technological change in several sections, Foley attempts to provide an integration of ideas that have evolved through his varied career, from high general equilibrium theorist (Foley, 1967), through deep student of Marxian economics (Foley, 1986), to complexity theorist (Foley, 1994; for more detailed discussion of his personal and intellectual path see Colander et al, 2004, Chapter 7). A central argument is that the classical political economists, not just Marx but also Adam Smith and Malthus with Ricardo (largely lumped together in his analysis), developed ideas that are well suited to representation and understanding using the methods of modern complexity economics, themes of dynamic out-of-equilibrium selforganization in systems with boundedly rational agents, in contrast to the requirements for full Walrasian general equilibrium that he studied early in his career.