Ppt Updated - Mankiw Macroeconomics 11th Edition

: It illustrates that money is fundamentally a social convention. Even if a stone wheel was lost at the bottom of the ocean, the islanders still considered it part of the owner's wealth because the "ownership" was recorded in their collective memory. Modern Parallel

One of the most famous and persistent "interesting pieces" or case studies in Mankiw's text (Chapter 4) explores the Island of Yap , where large stone wheels (rai) were used as currency. The Econ Page The Concept mankiw macroeconomics 11th edition ppt updated