Proof that unsuccessful speculators confer less benefit to society than their losses.

  • Paul A. Samuelson
  • Published 1972 in
    Proceedings of the National Academy of Sciences…
It is well known that successful speculation can be a boon to society, whether or not the successful speculator is ruled to be the legitimate appropriator of his profits. It is also understood that unsuccessful speculation can naturally impose losses on the unsuccessful speculator himself. Little, however, is known about the effect of the unsuccessful… CONTINUE READING