You got some part right. The question is 投资与投机是很难区分的。 投机者也是很重要的market maker, 只要没有联合的投资/机者一切都 可以任其自然,强行区分只会破坏市场。 这也可以继续我们以前的讨论,给经济学下定义的法制法规是否应当是 静态的, 有必要压抑经济增长的钳制性?还是应当满足两高一低?高增长, 高就业,低通胀。 请考虑一下对反托拉斯法的反对与格林思潘的经济政策。
From a micro-market structure point of view, arb's are very important to maintaining liquidity in the market place, dissimination of information, and sharing mkt overhead, etc. Investing, to a degreee, is speculating: investors anticipate that their investment is to pay off (like speculators betting to win).