The Most Important Lessons in Economics and Finance: A Comprehensive Collection of Time-Tested Principles of Wealth Management by Anthony M. Criniti IV

PART 1

CHAPTER 1

Introduction
Long before the invention of standardized money, people have
contemplated ways to increase their wealth. Unfortunately, only a small
minority of people throughout most of modern human history were allowed
to enjoy the benefits of being wealthy. Many of the majority lived either as
slaves or in deep hopeless poverty; thus, there was little need for them to
think about managing something they had little or no right to have.
Eventually, many complex events over time have led to many changes in
the way humans perceive wealth and the increased probability for anyone to
obtain it.
Starting roughly about 250 years ago, it became necessary to create
economics, the science of managing wealth for a nation or a division of a
nation (here-after called economic entities). In the twentieth century, more
people obtained more opportunities to become wealthier than any time in
history. With the average person advancing in freedom and wealth, around
the 1950s it became formally necessary to create finance, the science of
managing wealth for an individual, a group, or an organization (here-after
called financial entities).
Considering the impact that these two sciences have on this world, it is
time to step back and review what we have learned. If economics and
finance are extremely necessary, as demonstrated in my last book The
Necessity of Finance, then we need to reflect deeply on their most important
lessons. This book has scientific value because it has compiled time-tested
principles that provide a better understanding of how to manage wealth for
economic and financial entities.
As this book was written in a scientific manner, there are several
chapters that the layman reading for fun may want to skip. If you are not
interested in how the lessons presented here fit into a scientific paradigm
and its methodology, etc., then you may want to go directly now to the
actual lessons in Part 2 of this book.

The Most Important Lessons in Economics and Finance: A Comprehensive Collection of Time-Tested Principles of Wealth Management by Anthony M. Criniti IV