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Michael C. Munger

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Economy

You Have to Speculate to Accumulate: How Speculators Increase Welfare

Martin Vlachynsky/February 17, 2015August 31, 2017 /Leave a comment

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.

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