What is Speculation?

In my experience, many folks think about the idea of speculation weirdly. In the last few years I read pretty much every day a plea to curb “speculation.” But that’s really tough to discern. For instance, is a bank lending seed money to a restaurant speculation? I’d sure argue so. Restaurants fail all the time! Or is that a bank fulfilling its “social function” to promote the economy?

I’d argue the distinction between those things is often point of view based, and little more.

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