既然投機有很大的帶來損失的風險，我們可能要問為什么還會允許進行投機呢。根本原因在于投機能在經濟發(fā)展中發(fā)揮有益的功能。由于相信價格會上漲從而買商品或期貨加快了市場均衡，并能鼓勵更多的供應商更快地進入市場。如果價格變化滯后到商品短缺真正出現(xiàn)時才發(fā)生，那么價格波動很可能更為劇烈、突然。采取補救措施增加供應將刻不容緩。類似的，如果投機者預見到某商品將過剩，他們就會賣出期貨，這樣做有助于在過剩真正發(fā)生之前在一定程度上降低價格。而當投機者預見到將會出現(xiàn)短缺的時候，就會哄抬物價，這樣做也有助于保存當前的供給。物價上漲時，商品購買量就會變少，因為價格上漲將促使消費者節(jié)約。同樣的，物價下跌將促使消費者增加購買，這樣就有助于將正在增加的過剩商品出售出去。
參考譯文：
One might ask why speculation is permitted when there is so real a danger of loss. The basic reason is that speculation can perform useful functions in the market equilibrium and encourages faster entry of more suppliers. If the price change lagged until after an actual commodity shortage had occurred, the fluctuation would probably be sharper and more sudden. Remedial supply action could not be further delayed. Similarly, if speculators foresee a surplus in some commodity, their selling of futures will help drive the price down to some extent before the surplus actually occurs. When speculators foresee a shortage and bid up the price, they are also helping to conserve the present supply. As the price goes up, less of the commodity is purchased; a rise in price encourages users to economize. Similarly, a lowering of price encourages users to buy more, thus helping to sell the surplus which is developing.
