ABSTRACT
The view adopted here is that the direct product of a speculative operation, that is to say, the service which the speculator in effect sells to the public and from which he draws his profit, is an act of trading through time; and that the most important indirect effects incidental to this operation are (r) the effect which he
'3'
produces on the level of prices, and (2) the deteriorating moral effect of the occupation on the parties concerned in it.
