The State Theory of Money
Knapp, Georg Frederich
In 1895 I put forward my views for the first time, laying down that the money of a State is not what is of compulsory general acceptance, but what is accepted at the public pay offices..."-Georg Friedrich Knapp, Preface The State Theory of Money (1905)The State Theory of Money (1924), a pioneering economic work by German economist Georg Friedrich Knapp, argues that money is created by the state and does not have any intrinsic value, directly c...