To me money is so important. We as a society need it to get by in life but money has so much power over everything we do. I have listened to the broadcast “The Invention of Money” and read the article “The Island of Stone Money” by Milton Friedman. Friedman says that The Island of Stone Money had no metal so they had to use stones. I thought that having a big stone to pay a person is kind of a ridiculous thing to do since you don’t move the stone if it’s too heavy. Everyone around you would know that you don’t have that stone anymore and it was someone else’s.
In the broadcast “The Invention of Money” the five reporters say that in the 1950’s a big limestone meant you can buy back a member that someone else has captive and trade that person for a stone. Saying you would get your member back while everyone knew the stone was not yours anymore. While a bank account is just numbers and the bank saying how much you have when the actual money isn’t there. To think a big limestone and a bank account are to mean the same thing but are so different from each other is crazy.
In The “The Invention Of ‘The Economy'” by Jacob Goldstein. Goldstein says that the GDP (Gross Domestic Product) is not a thing; it’s an idea. Also, That the U.S made the economy $500 billion dollars bigger just last year. The economy to me is just a big confusing thing. The Yap concept of money was way easier than it is today. They just had stones and you could trade them. If it could not be moved it would stay where it is all the time.
So, what is money? To society today it is just a number in your bank account and not actually in your pocket. To all of us there are many different definition of what money is. Money is just used to purchase certain items and pay our bills.
Friedman, Milton. “The Island of Stone Money.” Diss. Hoover Institution, Stanford University , 1991.
Goldstein, Jacob. “The Invention Of ‘The Economy’.” Npr.org, 28 Feb. 2014.
“The Invention of Stone Money.” 423: The Invention of Stone Money. This Is American Life, WBEZ. Chicago . 7 Jan. 2011.