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1、PublishedbyWorldScientificPublishingCo.Pte.Ltd.5TohTuckLink,Singapore596224USAoffice:27WarrenStreet,Suite401-402,Hackensack,NJ07601UKoffice:57SheltonStreet,CoventGarden,LondonWC2H9HELibraryofCongressCataloging-in-PublicationDataFrankfurter,GeorgeM.Theoryandrealityinfinancialeconomics:es
2、saystowardanewpoliticalfinance/byGeorgeMFrankfurter.p.cm.Includesbibliographicalreferencesandindex.ISBN-13:978-981-270-791-8ISBN-10:981-270-791-31.Finance.2.Economics.I.Title.HG173.F6882007332.01--dc222007033434BritishLibraryCataloguing-in-PublicationDataAcataloguerecordforthisbookisava
3、ilablefromtheBritishLibrary.Copyright©2007byWorldScientificPublishingCo.Pte.Ltd.Allrightsreserved.Thisbook,orpartsthereof,maynotbereproducedinanyformorbyanymeans,electronicormechanical,includingphotocopying,recordingoranyinformationstorageandretrievalsystemnowknownortobeinvented,without
4、writtenpermissionfromthePublisher.Forphotocopyingofmaterialinthisvolume,pleasepayacopyingfeethroughtheCopyrightClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923,USA.Inthiscasepermissiontophotocopyisnotrequiredfromthepublisher.TypesetbyStallionPressEmail:enquiries@stallionpress.comPr
5、intedinSingapore.Yvonne-TheoryandReality.pmd12/14/2008,3:01PMB519_FM.qxd9/21/200710:29AMPagevFAForewordItisquiteunusualtoseethewords“theory”and“reality”togetherinthetitleofabookonfinancialeconomics.Itisevenmoreunusualtoseetheword“political”initssubtitle.Formostfinanceprofessors,realityi
6、ssome-thingyouusetotestyourtheories,butthetheoriesthemselvesaredelib-eratelyunrealistic.Andifthetheoriesarenotconsistentwithreality,theblamefallsonrealityandnotonthetheories.Politicsissomethingthatimpedestheefficientfunctioningofmarkets,which,iflefttotheirowndevices,willdeliverthegreate
7、stgoodtothegreatestnumberofpeople.GeorgeFrankfurterisuniquelyqualifiedtochallengetheseconven-tionalviews.Hisdistinguishedacademiccareerhasgivenhimathoroughbackgroundinthetheoriesthatformthefoundationoffinancialeconom-ics.Unlikemostofhisprofessionalcolleagues,however,hehasnothes
