Krugman Meets Marx and Keynes at the Baby-Sitting Co-op
<title>Abstract</title> Paul Krugman tells the story of the Capitol Hill baby-sitting co-op as a means of introducing readers to the economics of recessions. We take the story from where Krugman stops and develop it by presenting different aspects of a monetary economy with the help of a graphical analysis. This is done with the introduction of history of economic thought to the curriculum by visiting monetary theories of Karl Marx's Capital (1867) and John Maynard Keynes's A Treatise on Money (1930). The benefit of using these two sources is twofold. First, it is possible to find a common theory in both Marx and Keynes's writings to explain the baby-sitting co-op story. Second, it is possible to move beyond the story and introduce other aspects of a monetary economy such as endogenoity of money, industrial and financial circulation of money, etc. In addition, a graphical framework is developed as teaching aid.
Year of publication: |
2013
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Authors: | Lautzenheiser, Mark ; Yaşar, Yavuz |
Published in: |
Forum for Social Economics. - Taylor & Francis Journals, ISSN 0736-0932. - Vol. 42.2013, 1, p. 24-37
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Publisher: |
Taylor & Francis Journals |
Saved in:
Online Resource
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