By contrast, three examples of speculation in relation to raw materials are not convincing in relation to their productive influence since in each case all that is involved is speculation on a rise in the price of commodities (wood, wine and wheat) and not on a source of progress: Even if in each of these situations there is no wish to deceive and if, in extremis, there is a service provided to the consumer – thus the speculative hoarding of wine allows the market to be supplied when all other supplies are exhausted – there is effectively a speculative hope.
