Entrepreneurs and capital are generally recognized as key elements for economic development. However, mainstream economics fails to deliver a realistic account of entrepreneurial function and capital nature; in fact, textbook economics is entrapped into a static and timeless paradigm, in which there is no space for the dynamic discovery process which unfolds through market interactions.
In reality, each of us is daily engaged in discovering purposes consistent with his/her own expectations; and, in order to achieve them, it is necessary to define and implement plans which imply the usage of so-called capital goods. The relationship between the action to achieve ends and the goods combined together into plans to implement that action is the typical relationship between entrepreneurial activity and capital formation. It is therefore clear that, in order to properly appreciate such processes, a radically subjectivist approach to economics is necessary. A hermeneutical, interpretative, analysis of the micro-foundations at the root of those dynamics is the key to understand their macro-consequences. Our guest speaker, Dr Ferlito, deals with these topics in his latest book, Hermeneutics of Capital. A Post-Austrian Theory for a Kaleidic World (Hauppauge, NY, Novinka, 2016), which will be presented during the conference.