The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter V. The dangers and benefits of stock speculation

Collection:: Economics Books

[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 diffi- culty about arriving at a fair conclusion regarding its com- parative 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, indi- rect, and almost impossible to explain without the use of tech- nical and unfamiliar words and expressions. It is natural, therefore, that our economists have rarely attempted any popu- lar 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 states- man. 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 popu- lar 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 inter- changeably. [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.

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