Adam's Fallacy

A Guide to Economic Theology

Duncan K. Foley

    Preface

    1. Adam''s Vision

    The Division of Labor

    The Theory of Value

    Capital Accumulation

    The Invisible Hand and the State

    Smith's Theory of Money

    Adam's Fallacy Revisited

    2. Gloomy Science

    Second Thoughts

    Malthus and Population

    The Context of Malthus's Essay

    Malthus's Postulates

    Malthusian Logic

    Population and Food since Malthus's Time

    Ricardo and the Limits to Growth

    Ricardo's Labor Theory of Value

    Accumulation and the Stationary State

    Ricardo's Views on Machinery

    The Political Economy of Poverty

    3. The Severest Critic

    Historical Materialism

    The Commodity and the Theory of Value

    Capitalist Exploitation

    Accumulation and the Falling Rate of Profit

    Primitive Accumulation

    The Transition to Socialism

    Marx and Proletarian Revolution

    Marxist Theory and Social Change

    4. On the Margins

    Adam's Fallacy Needs New Shoes

    Marginalism

    Where Do Prices Come From?

    Marginalism and Social Welfare

    Marginalism and Time

    Veblen and Conspicuous Consumption

    5. Voices in the Air

    John Maynard Keynes

    World Capitalism in Keynes's Time

    Say's Law and Laissez-Faire

    Labor Markets and Unemployment

    Expectations and Money

    The Fate of Capitalism

    Complexity vs. Collectivism

    The Prophet of Technology

    6. Grand Illusions

    Looking in the Mirror

    Two-Armed Economists

    Escaping Adam's Fallacy

    Face to Face with Adam's Curse

    Reading Further

    Appendix

    Demographic Equilibrium

    Theories of Money and Prices

    Ricardo's Theory of Rent and Accumulation

    Decomposition of the Value of Commodities

    The Working Day

    Index

  • Cover: Adam's Fallacy
  • A photo of the author

Duncan K. Foley is Leo Model Professor at the New School for Social Research.