You Have to Speculate to Accumulate: How Speculators Increase Welfare
BY
Martin Vlachynsky / February 17, 2015
To understand utility of an intermediary we need to understand subjective price theory. A can of cheese does not have a universal value given from the “universe”, but rather N subjective values which vary in time and space. A task of the intermediary is to exchange what we need less for what we need more.