[22 THE WORK OF THE STOCK EXCHANGE
else, can declare it to be an unmixed blessing. But neither can
the sincere but insufficiently informed critic afford to proclaim
it to be a pure and unadulterated evil. And there is this difficulty
about arriving at a fair conclusion regarding its comparative
benefits and dangers, that the undoubted harm which
it inflicts upon many speculators is very human, graphic, and
easily described, while its economic benefits are abstract, indirect,
and almost impossible to explain without the use of technical
and unfamiliar words and expressions. It is natural,
therefore, that our economists have rarely attempted any popular
presentation of the subject, but instead have abandoned that
Geld almost entirely to the editor who must get his paper to
press without delay, and to the politically minded minor statesman.
So long as the human race prefers watching motion
pictures or reading fiction to struggling with the “dismal
science” of economics, the harm of speculation will in the popular
mind probably possess an emotional quality which even a
thorough realization of its invaluable services to society never
can have
Definitions.’ —Most of the erroneous notions concerning
speculation arise from a vague or incorrect definition of the
term. In this respect, even the best English dictionaries are of
little help, since not only “speculation” but also ‘investment’
and “gambling” are general terms, each with a variety of
meanings. To some extent, too, they are used almost interchangeably.
[t is obvious that if these words are to possess any exact
sconomic meaning, stress must be placed upon the economic
actions or deeds to which they refer. It is unfortunate that so
many economists have gone no further in defining speculation
than to refer to its derivation from the Latin speculare—to
lcok at from afar—and to state that speculation consists in the
intelligent attempt to deal with future uncertainties. It is more
fruitful to see just what it is that the speculator actually does,
t See Appendix Va.
