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Knapp's 'State Theory of Money' and its reception in German academic discourse

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  • Ehnts, Dirk H.

Abstract

In 1905, Georg Friedrich Knapp published The State Theory of Money in his native German, claiming that money is a "creature of law" and not connected to metals via some intrinsic value. When the English translation appeared in 1924, apparently at the wishes of John Maynard Keynes, the German version had run through four editions, upon which the last the translation builds. There also had been considerable debate about "Chartalism" - the idea that money derived its acceptance by legal means - in the German academic literature. Among others, Knut Wicksell and Georg Simmel commented on it. Since so far there has not been any English-language publication on this issue, it is deemed worthwhile to provide such. After presenting the main arguments that Knapp makes in his book, the academic reviews that followed are presented and evaluated.

Suggested Citation

  • Ehnts, Dirk H., 2019. "Knapp's 'State Theory of Money' and its reception in German academic discourse," IPE Working Papers 115/2019, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:1152019
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    File URL: https://www.econstor.eu/bitstream/10419/193141/1/1049602048.pdf
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    References listed on IDEAS

    as
    1. Soda Kiichiro, 1907. "Die neue Knappscke Geldtheorie und das Wesen des Geldes," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 89(1), pages 336-355, February.
    2. Soda Kiichiro, 1907. "Die neue Knappsche Geldtheorie und das Wesen des Geldes," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 89(1), pages 620-655, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Knapp (1905) never wrote that government spends first and taxes later – did he not “get it”?
      by Dirk in econoblog101 on 2019-03-08 10:37:27
    2. Schumpeter on Knapp in his 1954 HEA
      by Dirk in econoblog101 on 2019-05-08 09:12:33

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      More about this item

      Keywords

      chartalism; Modern Monetary Theory; monetary theory; public finance; deficit spending; taxation; value of money; metallism;
      All these keywords.

      JEL classification:

      • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
      • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
      • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
      • F31 - International Economics - - International Finance - - - Foreign Exchange
      • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General

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