One might ask why speculation is permitted when there is so real a danger of loss. The basic reason is that speculation can perf

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问题     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 economy. Buying a commodity or the stock in the belief that prices will rise speeds 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.

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答案 当确实存在遭受损失的风险时,人们不禁要问为什么允许进行投机活动。这其中根本的原因是投机能对经济活动产生有益作用。当人们预期商品价格的上涨速度要超过市场平衡点时,就会买入商品或股票并鼓励更多的供应商入市。如果价格的变化滞后,甚至在切实的商品短缺发生后,价格还没有变化,价格波动可能会更剧烈和更突然。调节性的供应行为此时丝毫不能耽搁。同样,如果投机商预测到某些商品会供应过量,这时他们如果卖出期货将有助于在切实的商品供应过量发生前将价格下调到一定水平。当投机商预测到商品会短缺并通过竞标抬高价格的同时,他们也在帮助囤积当前的商品供应。随着价格的上涨,人们购买的商晶量就会减少;价格的上涨鼓励人们节约。同样,降低价格将会鼓励使用者购买更多的商品,进而有助于将正在形成供应过量的商品销售出去。

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