In presenting Hermeneutics of Capital, the author fears that most modern economists are not prepared or even interested in the approachthat has been taken in this book. Today, economists are more likely tosearch for "exact" theories functional relationships between oftenlogically independent variables rather than to question the nature oftheir science and its main task. This book argues that "economics is about human nature, humanconduct and human institutions", or what Mises called human action. Thepresent book, however, is not an epistemological one. It is aboutcapital theory. The attempt of Hermeneutics of Capital is toreconcile man and capital, which are often presented as competingelements in a conflictual world. What the author tries to do is evenmore than looking for a simple reconciliation; following LudwigLachmann's application of hermeneutics to economics, the author tries to define capital as the outcome of subjective mental processes,determined by individual intentions and expectations and not by specific physical or economic features. The author defines the theory as post-Austrian. In fact, theauthor's attempt is to further develop the Austrian School of Economicsteaching, trying to contribute in enhancing concepts and theories whichare believed to be necessarily reshaped. The author connected hiscapital theory with a consistent entrepreneurship theory, which goesbeyond the usual contraposition between Kirzner's and Schumpeter'sentrepreneurial theories and builds a synthesis centred on the idea ofentrepreneurship as a subset of Misesian action involving specificcapital formation processes. Moreover, the author took into account thetraditional version of the Austrian Business Cycle Theory and critically revised it, arguing that crises are not simply the consequences ofmonetary manipulations, but they are the natural consequence of everyexpansionary wave. Shackle reminded us that a "good economist is like a bottle of wine. He must begin by having the luck to be laid down, as it were, in avintage year, when he himself and his class companions are thehigh-quality stuff in which ideas and theories ferment and discoursesparkles in a glow of golden light. But this is not enough. He mustmature". This book helps guide readers to understand reality.

Hermeneutics of Capital: A Post-Austrian Theory for a Kaleidic World (Economic Issues, Problems and Perspectives)

Business & Money

Ferlito, Carmelo

Economics

Nova Science Pub Inc

Schumpeter beyond Schumpeter: The multiple facets of development

Politics & Social Sciences

Lucarelli, Stefano

Buscema, Carmelo

Sociology

See the best price to sell, buy, or rent books by Ferlito, Carmelo. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Ferlito, Carmelo