The Necessity of Finance: An Overview of the Science of Management of Wealth for an Individual, a Group, or an Organization provides a comprehensive, concise orientation for those seeking an understandable presentation of the complex nature of finance. Using everyday terms and readily grasped concepts, Dr. Anthony M. Criniti IV, a former financial consultant and current university-level finance professor, sets out to detail the necessity of finance; to clarify the definition, purpose, and goals of both finance and economics; to explore financial concepts in a straightforward manner; and to stimulate interest and understanding that will lead to ongoing investigation.
Finance, although highly interrelated with many subjects, is a separate field of study often confused with other areas, most notably economics. With world wealth accumulating to its highest point in history, the necessity to understand this subject on its own terms is crucial. The Necessity of Finance highlights the need to engage with finance as a separate science, clears up the confusion with related subjects, and coins the word "financialists" to identify the scientists in this dynamic field.
Equipping the beginner to intermediate level financial student with vital information and a clear approach for continued study, its unique perspective will also be of value to the advanced student and the practitioner. Topics include: What is the difference between money and wealth? What is risk and return? What kinds of investments exist? What are the different techniques for selecting investments? What role does ethics play in finance?
While The Necessity of Finance does not replace required textbooks, it is an indispensible supplemental learning tool that may clarify expectations of future financial journeys, whether in a university or in the marketplace. In this extremely useful overview, Dr. Criniti demonstrates that finance is a very promising science that will benefit those who commit themselves to its study and practice.
Assessment:
Idea: The Necessity of Finance is a well-thought-out book on the history of finance that has a clear audience (it even states so in the preface) -- finance students. The author knows his audience and knows how to convey material in a textbook-like tone. The book is in-depth, breaking down terminologies and effectively analyzing the history of finance.
Prose: Overall the book is written well and written for a financial class. If the author has intent to make the book a consumer financial book, the language would benefit from a lighter touch.
Originality: The book’s thorough and methodical approach to finance allows it to stand apart from more basic works.
Character/Execution: The book’s structure is sound and it effectively delivers a wealth of material. Occasionally, the work jumps between topics in a distracting manner, while the use of extremely short chapters can interrupt flow.
Date Submitted: October 09, 2020
Criniti persuasively argues that finance has often been ambiguously defined and taught by instructors lacking even a clear and consistent understanding of what their field is, especially in relation to its sister science, economics. The central distinction that Criniti draws is that economics is the science of wealth management for nations, while finance is the science of managing wealth for individuals, groups, or organizations. In lucid, inviting prose, he illuminates this difference, even coining the term financialist for a thinker who (like himself) has been trained in the science of finance.
Criniti’s approach is to guide readers by building up from first principles: introducing each idea, demonstrating its veracity, and drawing vital distinctions between one concept and others. For example, he will not let readers mistake speculation or gambling for investing. He refines his definitions as he goes, honoring readers’ trust and intelligence by showing his work. Lay readers and budding financialists will appreciate the clear and straightforward explanations of saving, risk and return, formulations of the time value of money, and other topics essential for financial literacy. Criniti’s painstaking approach stands as a welcome corrective to the flood of finance self-help books that promise readers shortcuts to wealth, making this an excellent guide for anyone looking to understand the core concepts of personal finance.
Takeaway: This guide illuminates the basics of personal finance for readers who prefer a solid grounding in crisp facts without any self-help hype.
Great for fans of James Gwartney, Richard L. Stroup, and Dwight R. Lee’s Common Sense Economics; Thomas Sowell’s Basic Economics.
Production grades
Cover: A
Design and typography: A
Illustrations: -
Editing: A-
Marketing copy: A
Listed on Thrive Global article called Start Here! The Top 11 Finance Books Of All Time
