Baby-Sitting the Economy: The Economic Lesson
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Please read the following article: “Baby-Sitting the Economy” by Paul Krugman: http://www.slate.com/articles/business/the_dismal_science/1998/08/babysitting_the_economy.html Write an essay answ... ering the following 5 questions. 1. Summarize the Article 2. Discuss the scrip – which of the functions of money does it have? Explain. Is there an alternative method the babysitting co-op could have implemented to make sure everyone does their fair share? 3. How did the co-op handle the recession? Which type of policy did they implement? Why do you think this solution worked while the legislation did not? 4. Krugman imagines that the co-op might have eventually allowed couples to borrow extra coupons and repay them later. Which concept that we learned in our class does this relate to the most? What does allowing for borrowing add to the economy? 5. Why did the low amount of scrip lead to a recession? Name one way the co-op might have responded that would have caused the recession to turn into a depression. Describe in a few sentences how the Great Recession is different from this recession. [Show More]
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