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

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

[56 THE WORK OF THE STOCK EXCHANGE as it exerts itself in the organized and unorganized markets, can be of practical value in reducing the harm which so uni- versal, inevitable, and powerful an economic force as specula- tion occasionally works upon the individual. In conclusion, one can at least take consolation in the fact already stressed, that so far as prices are concerned speculation swiftly readjusts and eliminates the results of its occasional excesses. Leroy-Beaulieu not inaptly sums up the matter by stating that “the evils which speculation prevents are much greater than those it causes.” .But the best summary of a difficult question has probably been made by the brilliant British logician, philosopher, and economist, John Stuart Mill: The operations of speculative dealers are useful to the public when- ever profitable to themselves. The interests of the speculators as a body coincide with the interests of the public, and as they can only fail to serve the public interest in proportion as they miss their own, the best way to promote the one is to leave them to pursue the other in perfect freedom. Neither law or opinion shall prevent an operation, beneficial to the public, from being attended with as much private advantage as is compatible with full and free competition.

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