Thursday, May 21, 2020
Book Review: 'The Necessity of Finance: An Overview of the Science of Management of Wealth for an Individual, a Group, or an Organization' by Anthony M. Criniti IV
Elevating Finance to the status of a science
Pennsylvania author Anthony M. Criniti IV has earned multiple degrees in international business and financial services, including his PhD in applied management and decision sciences with a concentration in finance. He has experience in fixed annuities, life and health insurance, real estate, financial planning, an investment and retirement specialist and real estate developer – all of which he shares in this ‘compleat’ financial concepts text and guidebook. ‘Finance is the science of management of wealth for an individual, a group, or an organization,’ and in this exceptional book Dr. Criniti surveys this topic.
Dr. Criniti states his main goals in writing this book are ‘to demonstrate the necessity of finance, to clarify the definition, purpose and goals of both finance and economics, to explore financial concepts using a simpler approach, and to attract more interest in this field.’ In a most accessible manner he speaks to the reader, both those of the beginner and intermediate stages of learning, and defines and explains many topics under the arc of finance, clarifying heretofore perplexing concepts in a manner that supersedes classroom teaching by offering credible true situations.
Defining Finance as a Science, the author states, ‘Science is a persistent search for a truly better way to perform an action or understand a condition, process, or thing… science allows for progressive learning refinement of our daily thoughts, and searching for truth in order to fine a truly better way to perform and action or understand a condition, process, or thing.’ In this wise and thoughtful mode of instruction this book provides an excellent history of Finance from the beginning to contemporary times, explaining how finance is different from economics – a timely and important maxim considering the accumulation of wealth in all its permutations and the need for each of us to understand that divisive stratum and the disparity it represents.
The spectrum of the science of finance Dr. Criniti covers includes personal finance, business, international finance, investing, the marketplace, Capital overview, financial planning, the field of taxation, and wry discussions finance and ethics, healthcare, the environment, marketing including telemarketing, and the careers or jobs in the finance field. And in his committed tone he states in closing, ‘Finance and economics need to regroup and do some soul searching before they are in proper form to create any more financial instruments, if any are necessary. Considering that the past fifty years have seen a record number of financial innovations, it may be wise to spend some time revisiting their purposes and ensuring these creations are actually productive. If financial innovations do more harm than good to society then they need to be revised or eliminated. Financial products should be designed to help make society function better, not worse.’
Sage advice and instruction from an impressive ‘Dr. Finance.’ Highly recommended!
Editor's note: This review has been published with the permission of Grady Harp. Like what you read? Subscribe to the SFRB's free daily email notice so you can be up-to-date on our latest articles. Scroll up this page to the sign-up field on your right.