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Policy responses to economic and financial crises: insights from heterodox economics and psychoanalysis

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  • Arturo Hermann

Abstract

In this paper, we address several aspects of the present economic and social crisis from an interdisciplinary perspective. We focus attention on Institutional and Keynesian economics and on the role of public spending and credit creation in the formation of private sector aggregate profit. Contrary to 'market fundamentalism' this paper suggests that public intervention, in its various forms, constitutes a crucial factor for ensuring the development of today's economies and that attempts to reduce public spending at any cost are unlikely to solve our economic and social problems. Rather, a more effective process of participation and policy coordination is needed which involves a better use of public spending, and is less focused on the agenda of interest groups and more on society's needs. Finally, this paper discusses the contribution of psychoanalysis in building a policy roadmap for the solutions of today's most urgent economic and social problems.

Suggested Citation

  • Arturo Hermann, 2012. "Policy responses to economic and financial crises: insights from heterodox economics and psychoanalysis," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 3(1), pages 8-22.
    • Handle: RePEc:ids:ijplur:v:3:y:2012:i:1:p:8-22
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    References listed on IDEAS

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    1. Arturo Hermann, 2008. "The institutional analysis of the market," International Journal of Green Economics, Inderscience Enterprises Ltd, vol. 2(4), pages 379-391.
    2. Commons, John R., 1913. "Labor and Administration," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number commons1913.
    3. Geoffrey M. Hodgson & Warren J. Samuels & Marc R. Tool (ed.), 1994. "The Elgar Companion to Institutional and Evolutionary Economics," Books, Edward Elgar Publishing, volume 0, number 228.
    4. Arturo Hermann, 2010. "Institutionalism and psychoanalysis: a basis for interdisciplinary cooperation," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 1(4), pages 372-387.
    5. Philip Arestis & Malcolm Sawyer, 2010. "What Monetary Policy after the Crisis?," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 499-515.
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