A Treatise of Political Economy

by Say, Jean-Baptiste (1850)

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There is a further branch of commerce, called trade of speculation which consists in the purchase of goods at one time, to be resold in the same place and condition at another time, when they are expected to be dearer. Even this trade is productive: its utility consists in the employment of capital, warehouse, care in the preservation, in short, human industry in the withdrawing from circulation a commodity depressed in value by temporary superabundance, and thereby reduced in price below the charges of production, so as to discourage its production, with the design and purpose of restoring it to circulation when it shall become more scarce and when its price shall be raised above the natural price, the charges of production so to throw a loss upon the consumers. (p.103)

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