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Every action is a speculation, i.e., guided by a definite opinion concerning the uncertain conditions of the future.The Ultimate Foundation of Economic Sciencep. 51Speculation
Speculation anticipates future price changes; its economic function consists in evening out price differences between different places and different points in time and, through the pressure which prices exert on production and consumption, in adapting stocks and demands to each other.Nation, State, and Economyp. 145Speculation
Speculation in the capitalist system performs a function which must be performed in any economic system however organized: it provides for the adjustment of supply and demand over time and space.Socialismp. 125Speculation
Speculation is the link that binds isolated economic action to the economic activity of society as a whole.Socialismp. 182Speculation
Speculation performs an economic service which cannot conceivably be eliminated from any economic system.Socialismp. 125Speculation
The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices. Price fluctuations are reduced by speculation, not aggravated, as the popular legend has it.The Theory of Money and Creditp. 286Speculation
Without speculation there can be no economic activity reaching beyond the immediate present.Socialismp. 125Speculation
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