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Selected Works of Lester G Telser
Unpublished Paper
Are Speculators Foolish in Keynes' Greater Fool Model
(2010)
  • Lester G Telser, University of Chicago
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Abstract

Keynes' Model of speculation in his General Theory 1936 describes a speculator who buys an object at a price he believes is too high because he hopes to find a greater fool who will buy it from him at an even higher price. This need not be foolish as Keynes shows in words and I show herein with algebra.

Keywords
  • Speculation,
  • Keynes
Disciplines
Publication Date
January 3, 2010
Citation Information
Lester G Telser. "Are Speculators Foolish in Keynes' Greater Fool Model" (2010)
Available at: http://works.bepress.com/lester_telser/16/