Krugman Meets Marx and Keynes at the Baby-sitting Co-op
| Autor: | Yavuz Yaşar, Mark Lautzenheiser |
|---|---|
| Rok vydání: | 2005 |
| Předmět: |
History of economic thought
Economics and Econometrics Say's law Sociology and Political Science media_common.quotation_subject Keynesian economics Neoclassical economics Monetary economy Recession Quantity theory of money Capital (economics) Economics Graphical analysis Circulation (currency) Curriculum Social policy media_common |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| DOI: | 10.2139/ssrn.684425 |
| Popis: | Paul Krugman tells the story of the Capitol Hill baby-sitting co-op as a means of introducing readers to the economics of recessions. This story, like many others in economics, is a wonderful teaching device in undergraduate courses. 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. |
| Databáze: | OpenAIRE |
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