An article published in 1978, by Joan and Richard Sweeney, titled “Monetary Theory and the Great Capitol Hill Baby-sitting Co-op Crisis,” offers surprising insights into what crypto is and the functions of “money” it may fulfill.
The story is this: in the 1970s a baby-sitting co-operative with 150 couples as members decided to issue coupons allowing the bearer to one-hour of baby-sitting. It turns out that, after a while, few coupons were in circulation to sustain their liquidity. People were accumulating coupons, rather than spending them and exchanging baby-sitting services. Then, the governing board decided to issue more coupons and, presto, the number of baby-sitting hours soared.
Read Full Article »
