On the Media: Money, Then and Now

The origins of money are in bartering, right? Not so, explains IMTFI Director, Bill Maurer speaking with Bob Garfield at On the Media, "in the beginning was not the coin... in the beginning was the receipt."

Stone money from the island of Yap.
(Bartosz Cieślak/Wikimedia Commons) 

Most schoolchildren learn that money arose when barter proved insufficient for meeting everyday trade needs. People required more complex transactions, so they invented currency: a medium of exchange, unit of account and store of value. It's a compelling story...but a false one. Instead, most evidence suggests that money arose from recordkeeping. In this segment, Bob speaks with Professor and Dean Maurer at UC Irvine and Brown University's Mark Blyth about past and present myths about money, and what the history of money might suggest about its future.

To listen to the interview or read the full transcript, please visit On The Media: Listen | WNYC Studios | Podcasts: bit.ly/2yKLLq2