On Speculation and Price Stability under Uncertainty

egalitarian than the slave South or urban areas of its time, it does not follow that this region represented a classic egalitarian society. Although wealth was greater in the older, more settled areas of the country, the median wealthholding, particularly in the nonslave states, was remarkably uniform across states, suggesting that migration took place from households lying toward the middle of the eastern states' wealth distributions, which together with the flow of immigrants would explain both the similarities between East and West and the differences in wealth patterns and in the social and demographic characteristics of the wealthholders. The patterns of age and wealth accumulation were consistent with the Life Cycle hypothesis, while the social characteristics of the wealthholders are consistent with a hypothesis of racial and sexual discrimination. To be wealthy in this egalitarian society of historical tradition was to be a middle-aged, native-born, white, literate, male farmer

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• A Theory of Speculation Relating Profitability and Stability

  Lester G Telser•The Review of Economics and…•1959

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