Georg Friedrich Knapp

Georg Friedrich Knapp (1842-1926) was a German economist best known for his work on the nature of money. He introduced the "Chartalism" theory, which argues that the value of money comes from government regulation and acceptance, rather than intrinsic value or commodity backing. Knapp's influential book, "The State Theory of Money," emphasized that money has value because a government says it does, and it can require payment of taxes in its currency. His ideas contributed to modern monetary theory and discussions about the role of the state in the economy.