Reassessing the Paradigm of Economics

Valeria Mosini is a fellow at London School of Economics, UK, and a senior researcher at University of Roma ‘La Sapienza’, Italy.

‘Valeria Mosini not only drives another, solid nail in the coffin of neoliberal economics as the dominant, mechanically repeated prescription for progress, development and welfare that in actual fact does more harm than good; more importantly yet, she skilfully dissects and convincingly demolishes the empty claim to scientific status that its ideological protagonists and political advocates in the global north and south have managed to sustain for decades’. - Eberhard Kienle, Political Sciences, CNRS, Paris and Grenoble, France ‘This extremely timely contribution by Valeria Mosini is an excellent read, relevant not just to economists and philosophers, but to anyone interested in both why we are where we are, and in what might be done about it. It focuses on the philosophical and political economy underpinnings of neo-liberal doctrine as formulated in particular by Milton Friedman. Mosini skilfully demonstrates the untenability of Friedman’s contribution, whilst arguing convincingly for the need to reformulate modern economics within an explicitly recognised ethically driven normative framework’. - Tony Lawson, Economics, University of Cambridge, United Kingdom‘In this well written and well argued book, Valeria Mosini indicts Milton Friedman for devising positive economics, the analytical method he used to smuggle in ideology disguised as theory and so provide an intellectual foundation to the neoliberal counterrevolution which has changed the world in the last 40 years. She exposes the whole process as fake science. After reading her closely argued strictures, it is hard to disagree with her’. - Marcello De Cecco, Scuola Normale Superiore di Pisa, Italy ‘The monetarism of Milton Friedman has been much discussed over the years, but his methodology and philosophical attitude to economics have been less explored. Valeria Mosini has thus offered us an invaluable book. Wide-ranging, well-informed and balanced in its judgements, her work casts light onto Friedman’s instrumentalist and contradictory approach to economics. A particular strength of the book is the author’s command over the history of economic thought. Mosini has produced a penetrating critique of neoliberalism at a particularly opportune moment following the crisis of 2007-09’.- Costas Lapavitsas, School of Oriental and African Studies, University of London, United Kingdom

• Introduction: Reasons for the Book 1. Friedman’s Essays in Positive Economics: Logical Consistency and Validity 2. The Singularity of Friedman’s Conception of the Positive-Normative Distinction 3. The Disappearance of the Normative Framework From Walras’ Economics 4. Friedman’s Method for Doing Positive Economics 5. Contradictions and Delusions of the Neoliberal Paradigm 6. ‘What is to be done?’ The Question Crops Up