Spekulacja jako forma aktywności ekonomicznej – aspekty moralne i etyczne
Speculation as a form of economic activity, moral and ethical issues
Zeszyty Naukowe SGGW - Ekonomika i Organizacja Gospodarki Żywnościowej, 2010, vol., nr 83, s. 81-93
The paper examines strands related to speculation. Some of the common criticisms and benefits of speculation were discussed. Additionally, distinction between investments, speculation and gambling were drawn. For centuries, speculation has been criticized and found “morally questionable” since speculators neither produce things, nor improve them for sale, however they profit by losses of others. Legitimate speculation helps risk transfer, provides market liquidity and contributes to price uncovering, while manipulative speculation can exacerbate harmful price bubbles.