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... story was a great description of bastard Keynesian economics, after Paul Samuelson had stripped out the primary advance in the General Theory - the role of intrinsic uncertainty in determining the level of employment of resources in a monetary production economy.

Since that is what we see in Krugman's Baby-Sitting Co-op example - an explanation that a recession can happen if people behave in a certain way, with only speculation as to why it might be individually sensible of people to behave in that way even though a recession results.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Mon Nov 16th, 2009 at 11:08:40 AM EST

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