Tue, 30 Dec 2008

We're All Baby Sitters Now

Interesting! So Paul Krugman read the story of a baby sitter club which had poor policies regarding issuance of its currency, and because he was able to apply Keynsian economics to their situation, that gave him the confidence to apply the same economics to the entire society. Amazing. Astounding!

The lesson that I draw from this is not that I'm wise enough to manage an economy (I know I'm not). Nor do I think that Paul Krugman is wise enough to manage an economy (but he thinks he is -- which makes him a dangerous person). No, the lesson that comes to my mind that "We're all baby sitters now."

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