{{pp-semi-indef|small=yes}} {{short description|American economist (born 1956)}} {{Infobox economist | name = Thomas I. Palley | school_tradition = Post-Keynesian economics | image = Thomas Palley.jpg | image_size = | caption = | birth_date = {{birth date and age|1956|3|17|mf=y}} | birth_place = | death_date = | death_place = | nationality = | institution = | field = Macroeconomics | influences = | influenced = | contributions = | awards = | signature = <!-- file name only --> | repec_prefix = f | repec_id = ppa636 |education=University of Oxford (BA)<br>Yale University (MA, PhD)}}
'''Thomas Palley''' (born March 17, 1956) is an American economist who was the chief economist for the United States-China Economic and Security Review Commission.
== Career == Palley received his Bachelor of Arts degree from Oxford University in 1976. He earned a master's degree in international relations and a PhD in economics from Yale University. Palley founded the Economics for Democratic & Open Societies project. He states its purpose is to "stimulate public discussion about what kinds of economic arrangements and conditions are needed to promote democracy and open society."<ref name="thomaspalley">http://www.thomaspalley.com/?page_id=11 Thomas Palley Economics for Democratic & Open Societies</ref> Palley's previous positions include director of the Open Society Institute’s Globalization Reform Project, and Assistant Director of Public Policy for the AFL-CIO.<ref name="thomaspalley"/>
His work has covered macroeconomic theory and policy, international finance and trade, economic development, and labor markets where his approach is Post-Keynesian.<ref>{{Cite web |title=Thomas Palley {{!}} The Guardian |url=https://www.theguardian.com/profile/thomaspalley |access-date=2022-11-18 |website=the Guardian |language=en}}</ref>
== Post-Keynesian work == Academically his best known work is the book ''Post Keynesian Economics: Debt, Distribution, and the Macro Economy''. In this book, Palley tries to develop Post-Keynesian macroeconomic models that combine the insights of various 'brands' of post-Keynesian economics including the following: Yale Keynesianism (James Tobin), Cambridge–UK Keynesianism (Nicholas Kaldor), and American Post-Keynesianism (Paul Davidson, Hyman Minsky).
A critique of the book was written by Basil Moore, also a post-Keynesian economist. Moore argues that Palley succeeds in demonstrating the coherence of post-Keynesian macroeconomics. This is done via the concepts of effective demand, price-setting, quantity-taking fix-price supply behavior and the ineffectiveness of nominal wage and price adjustments as a means of remedying aggregate demand deficiencies. But Moore raises the criticism that by using neoclassical tools and methodology Palley has failed to take both time and uncertainty (key post-Keynesian concerns) in a sufficiently serious fashion.<ref>Basil J. Moore (1997) Book Review of Thomas Palley, Post Keynesian Economics: Debt, Distribution and the Macroeconomy, Journal of Comparative Economics Volume 25, Issue 3, December 1997, pp. 473–476</ref>
== Selected works == * ''Post Keynesian Economics: Debt, Distribution, and the Macro Economy'', Macmillan Press, 1996. Paperback edition, 1996. {{ISBN|978-0-333-63060-0}} * ''From Financial Crisis to Stagnation: The Destruction of Shared Prosperity and the Role of Economics'', Cambridge University Press, 2012, Hardback edition. {{ISBN|978-1-107-01662-0}}
== References == {{Reflist}}
== External links == {{Wikiquote}} * [http://www.thomaspalley.com/ Palley's website and blog] *{{cite web|title=Thomas Palley|url=https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=Thomas+Palley&btnG=|publisher=Google Scholar}} *{{cite web|title=Thomas Palley|url=https://www.jstor.org/action/doBasicSearch?Query=au%3A%22Thomas+Palley%22+&acc=off&wc=on&fc=off&group=none|publisher=JSTOR}}
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{{DEFAULTSORT:Palley, Thomas}} Category:1956 births Category:21st-century American economists Category:Post-Keynesian economists Category:Living people Category:Alumni of the University of Oxford Category:Yale University alumni