Feb 25, 12 •
244 Views •
Businesses, Economic Debates, Economic History, Financial Markets, Money and Monetary Policy, Thinking Economically, Uncategorized •
Elaine Schwartz •
To a Yap islander, in 1903, a 12-foot limestone wheel had considerable value. Described by NPR’s Planet Money, the wheels, as small as a foot in diameter and as large as twelve, composed the islanders’ monetary system. With smaller transactions,
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