Our Philosophy

We are animated by a desire to apply systematic, tested reasoning to improve our understanding, not by appeals to authority or the transition of charts.

We believe that perhaps the most important part of the scientific method is asking the right questions — rich questions that if properly validated or refuted give information of a fruitful nature.

We find the classic metaphor as to what a speculator does in The Wealth of Nations. Smith points out that the speculator plays the same role as the ship captain who when confronted with a voyage that's going to last longer than anticipated starts reducing the rations so that there will be enough food for any contingencies. Another nice example is contained in Jane Marcet. She says, consider a farmer with just one blade of seed corn left. What would best be done with this? Consume it? Or plant it, so that more corn will be available in the future? The speculator does the same. Heyne and Boettke in the Economic Way of Thinking extend the analogy with discussion of what farmers would do in a corn blight. People will expect a higher price. They'll pull some corn out of current consumption in order to carry it over to the fall when they believe the price will be higher. "The effect of all these activities is to reduce the quantity of corn currently available in the market. The price consequently rises, but that is only part of the picture. These speculative activities cause corn to be transported over time from a period of relative abundance to one of greater scarcity."

We also believe that the study and philosophy of barbecue contributes much to the speculator's understanding of markets. The erudition of Daily Speculations contributors with respect to this all-important subject may very darned well be unsurpassed. Daily Spec welcomes all contributions to the philosophy of barbecue, not to mention tips on venues and recipes, particularly from those of Southern bent.


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