# Thomas Palley

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{{short description|American economist (born 1956)}}
{{Infobox economist
| name             = Thomas I. Palley
| school_tradition = [Post-Keynesian economics](/source/Post-Keynesian_economics)
| image            = Thomas Palley.jpg
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| birth_date       = {{birth date and age|1956|3|17|mf=y}}
| birth_place      =
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| field            = Macroeconomics
| influences       =
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| repec_prefix = f  | repec_id = ppa636
|education=[University of Oxford](/source/University_of_Oxford) ([BA](/source/B._A.))<br>[Yale University](/source/Yale_University) ([MA](/source/Master_of_Arts), [PhD](/source/Doctor_of_Philosophy))}}

'''Thomas Palley''' (born March 17, 1956) is an American [economist](/source/economist) who was the chief economist for the [United States-China Economic and Security Review Commission](/source/United_States-China_Economic_and_Security_Review_Commission).

== Career ==
Palley received his Bachelor of Arts degree from [Oxford University](/source/Oxford_University) in 1976. He earned a master's degree in [international relations](/source/international_relations) and a PhD in [economics](/source/economics) from [Yale University](/source/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](/source/Open_Society_Institute)’s Globalization Reform Project, and Assistant Director of Public Policy for the [AFL-CIO](/source/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](/source/Post-Keynesian_economics).<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](/source/post-Keynesian_economics) including the following: Yale Keynesianism ([James Tobin](/source/James_Tobin)), Cambridge–UK Keynesianism ([Nicholas Kaldor](/source/Nicholas_Kaldor)), and American Post-Keynesianism ([Paul Davidson](/source/Paul_Davidson_(economist)), [Hyman Minsky](/source/Hyman_Minsky)).

A critique of the book was written by [Basil Moore](/source/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](/source/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](/source/JSTOR)}}

{{Authority control}}

{{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

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Adapted from the Wikipedia article [Thomas Palley](https://en.wikipedia.org/wiki/Thomas_Palley) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Thomas_Palley?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.