Final answer:
Speculation involves considering potential outcomes and making predictions, often without a specific model to base the analysis on. It requires processing abstract information and anticipating new situations, which is different from the more concrete and structured approach of analysis.
Step-by-step explanation:
To wonder about the potential outcomes of an issue is to speculate about them. The act of speculation involves the ability to process abstract information, anticipate situations that have never yet arisen, and consider the options available. Unlike analysis, which entails examining a subject to recommend a solution or to analyze a cause or effect, speculation is more about predicting and imagining possible scenarios without necessarily having concrete evidence or a specific methodology in place. As an economist lacking a specific model for analysis, one should approach the issue in the same way a carpenter would when faced with an unfamiliar task: by using their foundational skills and previous experience to devise a new approach. This process involves assessing the issue with creativity and flexibility to develop a suitable framework for analysis.