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Economic Definition of speculation. Defined. Term speculation Definition: Buying an asset with the intent of reselling it later at a higher price. The purpose of speculation is simply to buy low today and sell high tomorrow. Those who engage in speculation have no reason for buying the asset, other than resale at a later time.
The use of the term liberal in economics is different from its use in politics. Liberalism in economics refers to freeing up the economy by removing barriers and restrictions to what actors can do. Neoliberalism's policies seek to create a laissez-faire atmosphere for economic development.