Planet Money Summer School 1: An Economic History of the World
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Jul 10, 2024 
Rebecca Spang, an economic history professor at Indiana University, and Jacob Goldstein, a former host and author, dive into the origins of money. They explore the unique stone currency of Yap and how collective belief shapes value. Their discussion then shifts to John Law, a Scottish gambler who revolutionized France's monetary system with paper money, only to face a dramatic collapse. Listeners are invited to reflect on how these historical events inform modern economic practices.
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Money's Mysterious Origins
- Money's definition is complex and multifaceted, arising from various needs and contexts.
- It doesn't have a single origin but emerges in different forms across history and cultures.
Yap Stone Money
- The Yap islanders used large stone disks called Rai as currency, demonstrating an early form of money.
- These stones, often too large to move, represented value through communal acknowledgment.
Modern Yap Stones
- Modern equivalents of Yap stones are assets we value sentimentally, not for market exchange.
- These 'prestige goods' resemble heirlooms or gifts, kept rather than circulated.