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Paul Krugman repeatedly refers to this model to justify money printing. Amazingly, though, he misunderstands his own model.

What’s Wrong with Krugman’s Baby-Sitting Co-Op Model?

The famous Keynesian economist Paul Krugman says a story about a baby-sitting co-op “changed my life”, and he argues that it’s a “story that could save the world”. From his 1998 Slate article:

The Capitol Hill co-op adopted one fairly natural solution. It issued scrip--pieces

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