The Monetary Economics of Thurston Howell III

Imagine Gilligan’s Island without the Howells and their paper dollars. Without money, commodities exchange directly: coconuts for fish, fish for bamboo, etc. But even with barter, some commodities are more “marketable” than others. Perhaps one of the castaways might eventually buy one of the Professor’s books, but they will more often purchase Mary Ann’s coconut cream pies — or the coconuts themselves. Coconuts are more marketable than books. Over time,…