Economists argue that
can perform a useful task by
transferring items from low-valued uses to
represent waste because they do not
create a welfare loss by buying low
and selling high.
increase risk for the others in the
In an article about life in a
prisoner-of-war camp, a British veteran of World War II
recounted how traders would find price differentials in
the camp and use them to make a profit. They would buy
food for cigarettes in the part of the camp where food
was cheaper and then resell the food for cigarettes in
the part of the camp where food was more expensive. The
technical term for what they were doing is:
using the futures market.