What is Economics? According to Dr Carmelo Ferlito, the economists’ community is no more wondering about the scope and the meaning of the discipline. This paper suggests to reflect again on what economics is; in fact, an increased self-awareness can help in better developing expectations about what economists can do and what they cannot do.
To do so, the author, placing human action as purposeful behaviour at the core of economic analysis, has expanded the traditional scope of economics (economizing and equilibrium) to include not only decisions within a given means/ends framework, but the definition of such a framework itself. In doing so, the role of active minds in interacting with the surrounding reality in the realm of real time was emphasized. This framework brings as a consequence a non-deterministic approach, based on the recognition of the dispersed and everchanging nature of the knowledge possessed by individuals. The future, therefore, should be understood as radically open-ended.