Stone Money–alaska

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.

Works Cited

Friedman, Milton. “The Island of Stone Money.” Diss. Hoover Institution, Stanford University , 1991.

Goldstein, Jacob. “The Invention Of ‘The Economy’.”, 28 Feb. 2014.

“The Invention of Stone Money.” 423: The Invention of Stone Money. This Is American Life, WBEZ. Chicago . 7 Jan. 2011.

2 thoughts on “Stone Money–alaska”

  1. Alaska, we have some work to do. Of course, by that I mean you have some work to do first. But I promise once you’ve done your part I’ll be right there with you to pull my share.

    In fact, I’ve gotten a good head start on my responsibility and can give you a boost in the right direction. I’ve spent a couple of days writing feedback to your classmates on their Stone Money essays, and you need to read what we’ve been up to before you attempt a Rewrite of your own. Here are the links to the essays that will do you the most good:


    Next, you’re going to have to hit your Word Count. I love brevity, but the goal is to write 1000 words AND BE BRIEF, by which I mean, make the best use of 1000 words by filling it with observations, arguments, and evidence. An essay of this current length could never pass the requirements.

    Get a good sense from reading your classmates’ work, Alaska, of the level of responsiveness to the subject matter this assignment requires.

    Finally, although the deadline is looming and might make you nervous, there is plenty of time to succeed on your Stone Money Rewrite. Post the best version you can by midnight, but recognize that’s not final. You are encouraged to continue to revise at any time, before and after the deadline, before and after grading.

    Good luck, Alaska. And thank you for asking for feedback. We can continue our conversation anywhere you feel comfortable, over email, in conferences, with texts, by phone. Don’t hesitate to reach back.


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