Oliver D. Hart>, On the Profitability of Speculation.
The Quarterly Journal of Economics, Vol. 91, No. 4 (Nov., 1977), pp. 579-597


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"The view that speculation is stabilizing can be traced back to John Stuart Mill (1921 Book IV, chapter ii, section 5), and there is now a sizeable literature on the Subject“ .... "for recent contributions to this literature, see Baumol (1957, 1959); Farrell (1966); Friedman (1953); Kemp (1963); Schimmler (1973); and Telser (1959). In fact, the articles of Baumol, Farrell, Kemp, and Schimmler show, that in general, profitable speculation may be stabilizing or destabilizing."