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Foundations Of Contemporary Economics - Georg Friedrich Knapp And Modern Monetary Theory

Author

Listed:
  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

  • Aleksandar B. Todorov

    (University of Economics, Varna)

  • Henrik Egbert

    (Anhalt University of Applied Sciences, Germany)

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.

Suggested Citation

  • Teodor Sedlarski & Aleksandar B. Todorov & Henrik Egbert, 2024. "Foundations Of Contemporary Economics - Georg Friedrich Knapp And Modern Monetary Theory," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 23(1), pages 287-310, June.
    • Handle: RePEc:sko:yrbook:v:23:y:2024:i:1:p:287-310
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    More about this item

    Keywords

    chartalism; monetary theory; modern monetary theory; Georg Friedrich Knapp.;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913

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