‹ EntrepreneurshipStart path ›
Money. The story everyone believes.
Front
Money SenseGL-00001
Money
The story everyone believes
Anything a group of people agree to accept in exchange for things.
GeekLibraryMechanism
Back
GL-00001Mechanism
On the island of Yap, money was stone wheels taller than a person. Nobody moved them. Ownership passed by word of mouth. One wheel sank in the ocean. Its owner kept spending it. Everyone agreed it still counted.
- Money is an agreement. It works because everyone says it works.
- Read the text on any Indian banknote. It says "I promise to pay the bearer." It is a promise.
SourceFurness, The Island of Stone Money (1910)
RBI note text
RBI note text
Keep exploring
Because you read Money.
Money SenseGL-00002
Barter
The deal before money
Swapping one thing directly for another, with no money in between.
GeekLibraryMechanism
Money SenseGL-00013
Taxation
The membership fee for everything shared
A share of what people earn and spend, collected to pay for shared things.
GeekLibraryMechanism
Money SenseGL-00003
Inflation
The tax on your piggy bank
The slow loss of what money can buy, year after year.
GeekLibraryMechanism
Read as a path · 7 cards · 4 min
Understanding MoneyA short journey through the ideas behind everyday money.