Caroline Foley and the Theory of Intersubjective Demand

Consumer Capital as the Source of Happiness: The Missing Economic Theory Underlying the Income-Happiness Paradox

“…Duesenberry (1949), for example, emphasizes how individuals use consumption to gain and maintain social prestige, while Keynes ([1931Keynes ([ ] 1972 distinguishes between (i) "absolute" needs, which we feel regardless of "the situation of our fellow human beings" and which can be satisfied, and (ii) "relative" needs, which we feel "only if their satisfaction lifts us above, makes us feel superior to, our fellows" and which are essentially insatiable. In fact, there is a long history in institutional economics emphasizing the importance of social context for consumption and people's wellbeing (see Alcott 2004;Dolfsma 2002;Fullbrook 1998;Hamilton 1987;Mason 1995Mason , 2000Trigg 2001;Todorova 2014). More generally, revealing linkages exist between present-day empirical income-happiness research and the history of economics.…”

Women Economists in the 1890s: Journals, Books and the Old Palgrave

“…Caroline A. Foley wrote seventeen Palgrave entries, including "Rent of ability," "Science, Economic, as distinguished from art," "Statics, Social, and social dynamics," as well as twelve biographical entries. Her entry, "Fashion, economic influence of," was related to her 1893 Economic Journal article, "Fashion," and reflects an unusual economic interest (see Fullbrook 1998). She also translated from the German Carl Menger's "On the Origin of Money" for the Economic Journal (Menger 1892) and three Economic Journal contributions by Gustav Cohn, two in 1894 and the other in 1899, as well as translating from Italian for the Economic Journal two articles by Francesco Nitti in 1893, one by Ugo Rabbeno in 1894, and one by Achille Loria in 1900.…”

Alfred Marshall versus the historical school?

“…But Pigou (1913, p. 24) himself came to the conclusion that these attempts were "wholly inadequate". Not being readily formalised, these issues were eventually to slip off the agenda of mainstream economists in a later period (Mason, 1995;Fullbrook, 1998).…”