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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.
That question, although not the central thesis of our analysis today, is an important starting point. A science, loosely defined, is a discipline that builds knowledge through observation and experimentation to explain naturally occurring phenomena. Now pick up any introductory Economics textbook, and they will tell you that modern economics is concerned with the âefficient allocation of scarce resourcesâ. As most of you will attest to, this relies on a market mechanism, and mutually beneficial trade. So far, economics looks nothing like science.