Speculators create value for people by shifting wealth in time. Let's say that we're running out of oil, and oil will be much more expensive in a few years. Speculators will invest their capital in buying oil now with the idea of selling it later when it's more expensive. An inevitable result of that is to increase the demand, and thus price of oil. If the speculator is right, they have earned their wealth by increasing the price of oil now, so that people can make plans to use less of it in the future when it costs a lot more. If the speculator is wrong, they lose their wealth, and with it their ability to speculate. - Mark Atwood
"economists tend to reason consequentially, and are less sensitive than lay people to considerations such as taboo, disgust, status quo bias, and so on. And I tend to agree with them on this. In particular, as I argued in the discussion period, disgust is very unreliable as a guide to moral behavior." - Mark Atwood
He'll invest in the next generation of teachers. What Joe Biden really meant; what he would have said were he honest and forthright: He'll force taxpayers to rain money down on the next generation of a special-interest group that is very important to our Party's prospects of remaining in power. - Mark Atwood
The Royal Society quietly changes its motto from "Take no-one's word for it" to "Respect the facts". Because the Global Warming religion can't stand full disclosure. - Mark Atwood
The Royal Society quietly changes its motto from "Take no-one's word for it" to "Respect the facts". Because the Global Warming religion can't stand full disclosure. - Mark Atwood
