Duncan Foley wins Guggenheim Prize in Economics

Duncan Foley, the Leo Model Professor of Economics at The New School for Social Research, has won the 2017 Guggenheim Prize in Economics. In the announcement of its decision, the Guggenheim Prize Committee at Ben Gurion University of the Negev cited Professor Foley’s “major contribution to the field.” Awarded bi-annually, The Guggenheim Prize recognizes lifetime achievement in the field of economics. Foley is the fourth winner of the Guggenheim Prize, joining Professors Bertram Schefold (2009), Sam Hollander (2011), and David Laidler (2015).

“Duncan’s work spans from modeling the contemporary economy to the history of ideas and how it forms our understanding of the present,” said Will Milberg, Dean and Professor of Economics at The New School for Social Research. Milberg added, “As one of the most creative and original thinkers in economics for decades, he is very deserving of this honor.”

Professor Foley joined The New School for Social Research in 1999. He was previously Professor of Economics at Columbia University, and Associate Professor at the Massachusetts Institute of Technology and at Stanford University. Joining his numerous papers on topics as diverse as the economics of climate change, financialization and the information economy, and the labor theory of value, his most recent book Adam’s Fallacy (Harvard) presses back against a fundamental assumption at the heart of orthodox economics: that the “economic sphere […] in which the pursuit of self-interest is led by the invisible hand of the market to a socially beneficial outcome,” can be separated from the rest of social life.

In addition reading to his many books and articles, those interested in Professor Foley’s teaching can find video of his 2016 Advanced Microeconomics class at The New School is available on The New School’s YouTube page.

Uneasy Street: Sociology Professor Rachel Sherman’s New Book Tackles the “Anxieties of Affluence”

Sociologist Rachel Sherman quickly observed a common trait among the wealthy and affluent subjects of her latest book, Uneasy Street: the Anxieties of Affluence.

They hated getting specific about money. It is, in the words of one interviewee, “more private than sex.”

In part, Sherman—Associate Professor of Sociology at The New School for Social Research—attributes this reluctance to her subjects’ often-ambivalent relationship to wealth. The 50 New York parents she interviewed over the course of this multi-year study all belong to the top five percent of earners, meaning that they bring in more than $250,000 per year, and the majority are in the top one or two percent. Some benefited from substantial inheritances, which in several cases in excess of $10 million. Sherman chose to focus on people in their 40’s and 50’s who were embarking upon home renovation projects, given that such undertakings provide occasions for intentioned thinking about consumption and lifestyle choices.

The project has roots in Sherman’s longtime interest in structures of inequality in the United States and in the evolution of her thinking over the course of two previous ethnographic projects.

It was during her dissertation research on luxury hotels that Sherman identified a similar ambivalence about wealth among hotel guests, who were adamant that it was important to treat workers well. “I wouldn’t have talked about it this way then,” she said of the hotel guests she interviewed, “but I think they wanted to be morally worthy of their privilege.” That study—which Sherman developed into her 2007 book Class Acts: Service and Inequality in Luxury Hotels—focused primarily on hotel workers rather than guests. Yet, Sherman recalls, “Even then, the larger question of what it means to have money in a socially acceptable way was interesting to me.”