The State Theory of Money - Knapp, Georg Friedrich
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2013 Reprint of 1924 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Georg Friedrich Knapp (1842-1926) was a German economist who in 1895 published "The State Theory of Money," which founded the chartalist school of monetary theory, which takes the statist stance that money must have no intrinsic value and strictly be used as governmentally-issued token, i.e., fiat money. Published originally in 1905, it created a stir among academics and policy makers, with proponents and critics both arguing forcefully about it. It was written at a time when…mehr

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Produktbeschreibung
2013 Reprint of 1924 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software. Georg Friedrich Knapp (1842-1926) was a German economist who in 1895 published "The State Theory of Money," which founded the chartalist school of monetary theory, which takes the statist stance that money must have no intrinsic value and strictly be used as governmentally-issued token, i.e., fiat money. Published originally in 1905, it created a stir among academics and policy makers, with proponents and critics both arguing forcefully about it. It was written at a time when monetary matters were in a great flux. Throughout the world, countries debated the optimal metallic standard for their monetary systems. Should it be silver, gold, both in a fixed relation (bimetallism), a combination of the two (symmetalism), or should the selection of the standard be left to the market? Knapp put the debate on new ground by suggesting that there need not be a metallic standard at all. Ideas about the desirability of paper money not backed by gold or other metals had been presented before but were never able to command academic respectability.
Autorenporträt
Georg Friedrich Knapp (1842-1926) is recognized as a prominent figure in the third generation of the historical school of German political economy, which was led by Gustav Schmoller. He holds a significant position as one of the pillars of the German Historical School, acknowledged by Wicksell. Knapp pursued his studies in political economy at Munich, Berlin, and Göttingen universities.In 1874, he assumed the role of a professor at the University of Straßburg, where he remained until 1919 when Alsace was returned to France. Prior to the publication of his influential work, "The State Theory of Money," Knapp's scholarly focus predominantly revolved around economic development and agricultural history. He gained widespread acclaim as the foremost authority on German agricultural history during the transitional period to capitalism. Joseph Schumpeter eloquently described him as possessing a remarkable combination of far-reaching vision and meticulous research. It was after this period that Knapp embarked on his ground-breaking endeavour, resulting in the publication of "The State Theory of Money" in 1905. Knapp is credited with founding the chartalist school of monetary theory, which left a profound impact on notable figures such as John Maynard Keynes and influenced post-Keynesian economics, including Modern Monetary Theory (MMT).