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Reassessing the Paradigm of Economics: Bringing Positive Economics Back into the Normative Framework
Hardcover
Series: Routledge INEM Advances in Economic Methodology, Book 12
ISBN13: 9780415575119
Publisher: Routledge
Published: Jul 28 2011
Pages: 166
Weight: 0.78
Height: 0.44 Width: 5.50 Depth: 8.50
Language: English
When President Reagan and Prime Minister Thatcher adopted the neoliberal doctrine as the paradigm of economics, there was no evidence that the move would have been successful, but thirty years on, the recurrent crises that culminated in 2008 suggest a serious mis-match between expectations and outcomes: a re-examination of the paradigm is in order. This book focuses on Milton Friedman's formulation of the neoliberal doctrine, and analyses two aspects that were essential to turning it into a fully-fledged paradigm: the attribution of scientific status to positive economics, which led to informing public policies on the requirements of the market; and the characterisation of economic freedom as capable of promoting political freedom, which led to identifying free market with democracy.
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