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On the island of Yap, some money was stone, cut into disks too large to carry. One famous disk sank in a storm and was never recovered. People went on counting it. The owner had not lost the claim, because everyone still agreed whose stone it was. The rock was on the sea floor. The record of the rock was the money.

Worth knowing

Money can be a shared record of a thing, not the thing you can pick up.

Money Mischief · Milton Friedman · 1992

Source

Money Mischief, Milton Friedman · ISBN 9780156619301

By Curio Library

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