FOUNDATIONS OF CONTEMPORARY ECONOMICS - GEORG FRIEDRICH KNAPP AND MODERN MONETARY THEORY

Teodor Sedlarski (), Aleksandar Todorov and Henrik Egbert ()
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Teodor Sedlarski: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski
Aleksandar Todorov: University of Economics, Varna

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2024, vol. 23, issue 1, 287-310

Abstract: Georg Friedrich Knapp was a German economist whose most famous book is The State Theory of Money. Knapp is known as the founder of the chartalist school of monetary theory. In contrast to other monetary theories, which focus on the exchange value of money, Knapp assumes that the value of money is created by the government's legal right to define it. The legal concepts are central to his economic argumentation. He saw this approach as applicable to all forms of money. With the assumption that a government is the position to create money by decree Knapp's theory has found considerable attention in the modern monetary theory.

Keywords: chartalism; monetary theory; modern monetary theory; Georg Friedrich Knapp. (search for similar items in EconPapers)
JEL-codes: B15 B31 E42 E50 N13 (search for similar items in EconPapers)
Date: 2024
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