Nova Publishers
My Account Nova Publishers Shopping Cart
HomeBooksSeriesJournalsReference CollectionseBooksInformationSalesImprintsFor Authors
            
  Top » Catalog » Books » Economics, Trade and Globalization » My Account  |  Cart Contents  |  Checkout   
Quick Find
  
Use keywords to find the product you are looking for.
Advanced Search
What's New? more
Consumers’ Guide to Prescription and Over the Counter Medications
$230.00
Shopping Cart more
0 items
Information
Shipping & Returns
Privacy Notice
Conditions of Use
Contact Us
Bestsellers
01.Natural Resources in Ghana: Management, Policy and Economics
02.Economic Freedom: Causes and Consequences
03.Cultural Resources for Tourism: Patterns, Processes and Policies
04.Poverty, Education and Development
05.Simplicity: The Latent Order of Complexity
06.Labor Market Flexibility, Flexicurity and Employment: Lessons of the Baltic States
07.Urban Sustainability and Governance: New Challenges in Nordic-Baltic Housing Policies
08.Drying of Food Materials: Transport Phenomena
09.The North American Beef Industry in Transition: New Consumer Demands and Supply Chain Responses
10.Directory of Conservation Funding Sources for Developing Countries: Conservation Biology, Education & Training, Fellowships & Scholarships
Notifications more
NotificationsNotify me of updates to Hermeneutics of Capital: A Post-Austrian Theory for a Kaleidic World
Tell A Friend
 
Tell someone you know about this product.
Hermeneutics of Capital: A Post-Austrian Theory for a Kaleidic World
Retail Price: $82.00
10% Online Discount
You Pay:

$73.80
Authors: Carmelo Ferlito (INTI International College Subang, Subang Jaya, Malaysia, and Institute for Democracy and Economic Affairs (IDEAS), Kuala Lumpur, Malaysia) 
Book Description:
In presenting Hermeneutics of Capital, the author fears that most modern economists are not prepared or even interested in the approach that has been taken in this book. Today, economists are more likely to search for “exact” theories functional relationships between often logically independent variables rather than to question the nature of their science and its main task.

This book argues that “economics is about human nature, human conduct and human institutions”, or what Mises called human action. The present book, however, is not an epistemological one. It is about capital theory. The attempt of Hermeneutics of Capital is to reconcile man and capital, which are often presented as competing elements in a conflictual world. What the author tries to do is even more than looking for a simple reconciliation; following Ludwig Lachmann’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, the author’s attempt is to further develop the Austrian School of Economics teaching, trying to contribute in enhancing concepts and theories which are believed to be necessarily reshaped. The author connected his capital theory with a consistent entrepreneurship theory, which goes beyond the usual contraposition between Kirzner’s and Schumpeter’s entrepreneurial theories and builds a synthesis centred on the idea of entrepreneurship as a subset of Misesian action involving specific capital formation processes. Moreover, the author took into account the traditional version of the Austrian Business Cycle Theory and critically revised it, arguing that crises are not simply the consequences of monetary manipulations, but they are the natural consequence of every expansionary 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 a vintage year, when he himself and his class companions are the high-quality stuff in which ideas and theories ferment and discourse sparkles in a glow of golden light. But this is not enough. He must mature”. This book helps guide readers to understand reality. (Imprint: Novinka)


Book Reviews

“Building on Ludwig Lachmann’s approach, this fascinating and well-written book provides new insights into the philosophical and hermeneutic presuppositions of the Austrian school of economics and explores new directions into fields such as theory of capital, entrepreneurship theory and business cycle theory. Ferlito’s book is an excellent piece of work bound to capture the interest of any scholar who considers philosophy to be a more relevant sister discipline to economics than mathematics.” - Francesco Di Iorio, Southeast University, Nanjing, China

"Ferlito develops a theory of capital grounded in how people with imperfect knowledge interpret the real world and over time learn and adjust their actions to it. He tackles head-on the tough, complex issues surrounding the nature and significance of capital and traces with intelligence and determination their game-changing consequences for economic analysis in general and business-cycle theory in particular." - Sanford Ikeda, Purchase College, State University of New York, Purchase, NY, USA

"Original, accessible and brilliantly written, this book provides a stimulating new reading of the core ideas of Austrian economics: capital, expectations and business cycle. Hermeneutics of Capital demonstrates that crises cannot be understood without considering the naturalness of economic fluctuations." - Stefano Lucarelli, University of Bergamo, Bergamo, Italy

"Hermeneutics of Capital is a must-read book for free-market think tank leaders and academics. Dr. Ferlito reframes the Austrian School of Economics idea of capital theory leading us to a new human oriented approach where individual intentions and expectations are not the direct result of economic features but the result of human action." - Lorenzo Montanari, Property Rights Alliance, Washington, DC, USA

"The market is a network of millions of companies that complement and coordinate with each other intertemporally and synchronically, forming an extremely complex production structure. In order to understand how and why this structure is coordinated or discoordinated, we need to apply a theory allowing us to study the way it works, that is, a capital theory. However, despite the fact of its importance, economists have systematically ignored neglected such a need and we do not have a developed capital theory. In Hermeneutics of Capital, Dr. Carmelo Ferlito faces the challenge of building a modern theory of capital. This is a remarkable book that will change the understanding of many economists on how the market actually works." - David Sanz Bas, Universidad Católica Santa Teresa de Jesús de Ávila, Ávila, Spain

"Carmelo Ferlito, tackling controversial theoretical issues, is able to guide the reader, who does not necessarily need to be an economist, as the reading is easy and immediately understandable; indeed the book is not written for specialists only. To investigate capital theory requires a deep knowledge of analytical tools, imposing a documented speculation, in turn the result of rigorous research and personal evaluations. The author, building on his cultural background, shows high scientific rigor, as indeed also testified by his past and qualified publications." - Cristina Spiller, University of Verona, Verona, Italy





We’ve partnered with Copyright Clearance Center to make it easy for you to request permissions to reuse Nova content.
For more information, click here or click the "Get Permission" button below to link directly to this book on Copyright Clearance Center's website.


Table of Contents:
Foreword

Appreciations

Preface

About the Author

Chapter 1 pp. 1-34. For a Hermeneutical Definition of Capital

Chapter 2 pp. 35-58. Capital and Entrepreneurship

Chapter 3 pp. 59-88. Capital, Expectations, and Business Cycles: The Natural Cycle

References

Index

   Series:
      Economic Issues, Problems and Perspectives
   Binding: Softcover
   Pub. Date: 2016 - 3rd Quarter
   Pages: 6x9 - (NBC-C)
   ISBN: 978-1-63485-129-9
   Status: AV
  
Status Code Description
AN Announcing
FM Formatting
PP Page Proofs
FP Final Production
EP Editorial Production
PR At Prepress
AP At Press
AV Available
  
Special Focus Titles
01.Essureal Journey: Concepts, Concerns and Considerations for Hysteroscopic Sterilization
02.Feminism: Past, Present and Future Perspectives
03.Accelerating Newborn through Toddler Learning Development
04.Neonatal Intensive Care Units (NICUs): Clinical and Patient Perspectives, Levels of Care and Emerging Challenges
05.Genetic Mistakes: Understanding and Living with Fatty Acid Oxidation Disorders
06.The Impact of Severe Mental Illness on Quality of Life: Challenges for Research and Practices
07.Vukhomba: An Analysis of the Puberty Rites of Passage for Girls among Vatsonga in Relation to Sexuality Education
08.The Challenges and Issues of Tourism Development in China
09.Reconstruction of the Tradition: Tourism and Authentication of Heritage in China
10.Nonlinearity: Problems, Solutions and Applications. Volume 1
11.Adaptive Management: Elements, Applications and Research
12.Natural Fibers: Properties, Mechanical Behavior, Functionalization and Applications

Nova Science Publishers
© Copyright 2004 - 2017

Hermeneutics of Capital: A Post-Austrian Theory for a Kaleidic World