Abstract

Apart from followers as Milton Friedman, Paul Samuelson, Ronald Coase, and Maurice Allais, most economists abandoned Irving Fisher’s economic framework after the post-1929 Great Crisis. Without citing Fisher however, in 1958 Franco Modigliani and Merton Miller reutilised his framework to found the organisational finance theory awarded several Nobel prizes. This organisational finance theory is highly supportive of the financialisation of societies. It advocates that organisations exist to maximise their owners’/shareholders’ wealth, a ‘perfect markets fallacy’, and the elimination of taxes and regulations. Furthermore, it contends an unverified separation theorem between financial and productive sectors, or among financial, investing, and operating decisions.

摘要

除了米尔顿·弗里德曼、保罗·萨缪尔森、罗纳德·科斯和莫里斯·阿莱等追随者之外，大多数经济学家在 1929 年大危机之后放弃了欧文·费雪的经济框架。然而，在没有引用费舍尔的情况下，1958 年弗兰科·莫迪利亚尼和默顿·米勒重新利用他的框架，创立了获得多项诺贝尔奖的组织财务理论。这种组织金融理论高度支持社会的金融化。它主张组织的存在是为了最大化其所有者/股东的财富、“完美市场谬误”以及消除税收和法规。此外，它在金融和生产部门之间，或在金融、投资和运营决策之间提出了一个未经证实的分离定理。