New Books in Economics Philip Mirowski, “Never Let A Serious Crisis Go To Waste: How Neoliberalism Survived the Financial Meltdown” (Verso, 2013)
Nov 4, 2013
Philip Mirowski, the Carl Koch Chair of Economics at Notre Dame, dives into his book, highlighting how neoliberalism adapted after the financial crisis. He critiques economists for their denial of necessary reforms. Mirowski distinguishes between neoliberalism and neoclassical economics, framing it within a 'thought collective.' He contrasts Milton Friedman’s public engagement with George Stigler’s elite strategies. Additionally, he discusses market responses to crises and hints at his upcoming project on the history of the economics Nobel.
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Cover Choice Reflects Systemic Risk
- Philip Mirowski rejected a proposed cover showing famous individuals because the crisis wasn't a personal story.
- He chose a cliff-edge city image to show the systemic vulnerability that remained after 2008.
INET Conference Nightmare
- Mirowski attended the 2011 INET conference expecting fresh ideas after 2008 but found denial instead.
- He described the experience as a nightmare of famous economists insisting nothing fundamental needed to change.
Neoliberalism As A Thought Collective
- Neoliberalism must be studied as a 'thought collective' rather than as a single thinker or conflated with neoclassical economics.
- Mirowski traces its actors through institutions like Mont Pelerin and linked think tanks to show coherent collective strategy.
