Knapp's 'The State Theory of Money' and Its Reception in German

Knapp’s ‘The State Theory of Money’ and its reception in German-speaking academic discourse

Dirk H. Ehnts, Europa-Universität Flensburg *

Abstract:

In 1905, Georg Friedrich Knapp published ‘The State Theory of Money’ in his native tongue German, claiming that money is a 'creature of law' and not connected to metals via some intrinsic value. When, in 1924, the English translation appeared, apparently at the wishes of John Maynard Keynes, the German version had run through four editions, upon the last the translation builds. There also had been considerable debate about ‘Chartalism’, as the idea that money derived its acceptance by legal means, in the German-speaking 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 worth wile to provide such. After presenting the main arguments that Knapp makes in his book, the academic reviews that followed are presented and evaluated.

JEL codes: E40, E42, E51, F31, H20

Keywords: Chartalism, Modern Monetary Theory, monetary theory, public finance, deficit spending, taxation, value of money, metallism

* [email protected] 1. Introduction

Over the last years, monetary questions have returned to the agenda of economists. The creation of the Euro in the 1990s and the debates preceding it made explicit the need for a monetary theory that is applicable to problems of the real world. The history of economic thought provides rich evidence of discussions of monetary theory. Wicksell (1898), for instance, discusses the connections between the quantity of the monetary aggregate in circulation and the role of the interest rate in influencing that aggregate. He clearly recognizes that money is created by the stroke of a pen, a finding echoed 90 years later in the writings of the late Basil Moore.1 Wicksell also recognizes that we have to understand the two monetary circuits of cash (and reserves) and bank deposits in pure form and then their interactions.

This approach has been replicated by the scholars developing the Modern Monetary Theory (MMT).2 Understanding modern money created by banks, the scholars turn their view to the creation of money (reserves) through the interplay of central bank and Treasury. The main insight is that the central bank is „the fiscal agent of the State“ and hence should be counted as a public sector institution, just as the Treasury. Aggregating the two institutions into the public sector it is clearly recognized that government is the issuer of the currency and thus faces no budget constraint. This insight was first described in a book published by Georg Friedrich Knapp (1905) with the title „Die Staatliche Theorie des Geldes“ (The State Theory of Money).

An abridged translation into English was commissioned by the Royal Economic Society and published almost twenty years later in 1924.3 As Figure 1 shows, by that time the discussion of Knapp‘s book was already under way in the German-speaking world, as his book triggered a flurry of book reviews. In this paper, I review the book reviews published directly after „The State Theory of Money“ was published. Given that the insights of the book have been lost on modern economists, it should be interesting to see what happened after the publication of that controversial book more than a hundred years ago. To this end, the book

1 See Moore (1988) for a discussion of the endogeneity of money and the resulting horizontalist view of interest rates being independent from loan demand. The research program that Moore develops has not been systemically exploited so far. 2 See Wray (2000) in a book titled "What is Money?" 3 The book stirred up considerable interest and in the book on "Germany Monetary Theory, 1905-1933" Ellis (1937, p. 13 ff.) starts with Knapp's book. reviews that immediately followed the publication in 1905 will be reviewed here.4 As we will see, the book was greeted with suspicion, with hostility and with affection by the reviewers. In the next section I present a short summary of the book, followed by a summary and discussion of the book reviews. The following two sections are on the exchange of letters between Knapp and Bendixen, a banker with academic interest, which contains some comments on the book reviews discussed in this paper. A short section discusses comments from contemporaries of Knapp – like Wicksell, Keynes, Simmel, Schumpeter and Keynes – before the findings are wrapped up in the conclusion.

Figure 1: Ngram Viewer: "Staatliche Theorie des Geldes"

https://books.google.com/ngrams/graph?content=Staatliche+Theorie+des+Geldes&year_start=1900&year_end=2008&corpus=15&smoothing=3&share=&di rect_url=t1%3B%2CStaatliche%20Theorie%20des%20Geldes%3B%2Cc0

2. ‚The State Theory of Money‘ (1905/1924)

Biographical information

Georg Friedrich Knapp lived from 1842 till 1926. He was a German economist and, according to Trautwein (2003),5 is widely remembered as the author of "The State Theory of Money". As Figure 1 shows, the book is now relatively obscure, even though a new German edition was just put on the market.6 Knapp studied political economy in Munich, Berlin and Göttingen. He was one of the founding fathers of the German economists association (Verein für Socialpolitik). Knapp was made a professor at the newly founded Strassburg University in 1874 and remained there until the Alsace was returned to France and he

4 Of course, this is only the start of the reception of Knapp’s book, which was discussed mostly in the 1930s. According to Feldman et al. (1986, 19), there was a significant discussion in Germany in academic circles, with one of the most important journals (Der Wirtschaftsdienst) taking the side of Knapp. 5 The following paragraphs draw on Trautwein (2003). 6 The publishers are the creators of the Georg-Friedrich-Knapp-Gesellschaft für politische Ökonomie e. V., Paul Steinhart and Heiner Flassbeck. The new version uses the Latin script, whereas the old followed the Gothic script popular in Germany in the beginning of the 19th century (which is somewhat difficult to read). emigrated in 1919. Knapp's son in law Theodor Heuss, the first president of the Federal Republic Germany, praised his impartiality and precision. Before the publication of "The State Theory of Money", Knapp wrote about economic development. He was called "the best expert on German agricultural history" in a book on biographies of Germans by the Verband der Deutschen Akademien, the Association of German Academies (1928, p. 596). Wicksell (1906) thought him to be "one of the pillars of the German Historical School", which was led by Gustav Schmoller.

In the author's preface to the English edition, Knapp states that the English translation is based on the 4th edition in German. He mentioned the review by Dr. J. Bonar (1922) that was based on the German edition.7 Thereupon, Knapp writes, "the Royal Economic Society determined to set on foot an English translation, in an abridged form" (v). Knapp in particular thanks "Messrs. Keynes and Bonar" as well as the translator and her adviser. The role of Keynes in the translation of Knapp's "State Theory of Money" escaped notice of later scholars of Keynes. Neither Skidelsky (1992) in his three volume biography of Keynes nor Patinkin (1982) in his book on anticipations of the General Theory mention Knapp. On the other hand, Knapp was not completely forgotten, as Trautwein (2003) in his chapter on Knapp in a book on European economists of the early 20th century shows. Wray (1998) and other Post-Chartalists of the Modern Monetary Theory variety then brought Knapp back into the academic discourse.8

2.1 Summary – ‚Money is a creature of law.‘

The first sentence of ‚The State Theory of Money‘ is a direct attack on the existing idea that money has intrinsic value, is based on precious metal. Knapp (1924, 1) defines money as a creature of the law and concludes that ‚we must deal with legal history‘.9 He opposes the widely-held view that money can be understood from the numismatics, the study of the collection of coins. Knapp (1924, 1) instantly distances himself from embracing a ‚paper money pure and simple‘, like that of Austria issue in 1866 during the Austro-Prussian war

(see Dub 1902, p. 566-7).

7 Sanger (1906) published an enthusiastic book review - "So masterly a piece of reasoning is not often presented to the reader" - on Knapp (1905) much earlier in the same journal. The book review ended with the sentence: "[A] reviewer must express the most earnest hope that Staatliche Theorie des Geldes will be translated into English without delay". 8 See Wray (1998), Wray (2014), Kelton (), Tcherneva (), Fullwiler (), Mosler (). 9 A very readable short version of his book is Knapp (1925 [1906], pp. 243-255) Knapp looks for a definition of money and starts with specie. After some pages he writes: „Let us assume that this exchange-commodity consists of a metal - which is not absolutely necessary, but occurs in the most important case - we can then give a name to this simplest form of the means of payment; it is „autometallistic“.10 This autometallism „gives no juristic consideration to the form of the pieces“ – it is all about weight (and purity). Knapp discusses then the possibilities of silver being used by the recipient for „real“ or „circulatory“ satisfaction. With real satisfaction he means the use of the silver in crafts, with circulatory satisfaction he seems to mean acceptance as a ‚means of payment‘. Knapp then discusses the role of debt in providing the monetary unit of value. There are debts expressed in units of value set by the state, discharged with a means of payment. Here we have the state determining ‚as a maintainer of the law‘ what it accepts to discharge debts against itself.11 This is Knapp‘s definition of the means of payment. According to Knapp (1924, 15), the state also recognizes that in cases of conversion „all old debts are uniformly converted in the new means of payment“. Knapp stresses that debts are nominal, even those paid in specie. Therefore, he claims to have found a general theory of money that covers both specie (which can provide „real“ satisfaction) and paper money (which does not) as instances of it.

The second subsection of the chapter is titled „Chartal Means of Payment“. Knapp proposes to understand the movement from money based on metal to money based on paper as an evolution. Knapp (1924, 27) writes: „Our law lays it down that only pieces formed in such and such a manner are to be admitted as means of payment, and the significant marks of the pieces are prescribed by law“. It is the proclamation by the state that makes a means of payment, its „validity dependent not on weight but on fiat“. Knapp compares money to tickets, stamps and tokens, which also have no intrinsical value but derive their meaning from the institutional (legal) surroundings. The legal significance of coins would come not from the coins themselves, but from the legal interpretation. Knapp concludes: „The definition of money is therefore ‚a Chartal means of payment‘.“ Coming back to the first sentence of the book, Knapp notes that political action – first and foremost, legislative activity - of the State is the source of money, not jurisprudence itself.

10 In his book, Knapp introduces many new terms, built mostly on Greek words. Since these words did not carry over into the language used by monetary theorists I have decided not to use them. 11 In Adam Smith (1776) there is a sentence in which this is described: „A prince who should enact that a certain proportion of his taxes should be paid in a paper money of a certain kind might thereby give a certain value to this paper money, even though the term of its final discharge and redemption should depend altogether upon the will of the prince.“ [SOURCE, PAGE NUMBER] In the following, Knapp shortly discusses the international dimension. Whereas in autometallism, coins are at once international means of payments, this is not so with Chartal money.12 The law does not operate beyond the state’s boundaries, so the use of Chartal money is limited to the state’s territory. In the third subsection of the chapter on „use in circulation“, Knapp (1924, 95) recognizes that those who hold Chartal money do so „with a view to future use for payment“. Knapp criticizes the fact that most people when they think about money think about it as an asset and forget the fact that it can be and is a liability, too. He stresses that individuals just as the state have positive (assets) and negative claims (liabilities). Money has always to be understood from both asset and liability side, Knapp (1924, 48) states. Only then it will be understood that „[s]uch tickets as paper money pure and simple are, it is said, acknowledgments of the State's indebtedness. Payment in such tickets is therefore only a claim on the State … (50)“. In other words: the paper money discharges tax liabilities against the state and nothing else.13 Knapp discusses whether paper money proper is a debt of a state – promising to pay something „better“ in the future – and concludes that in a legal sense they are not „but at most appear so“. Knapp ends the section stating that people will retort that what he says holds true only for paper money, not for specie. He believes, however, the dividing line is between pensatory (weight-based) and Chartal (by proclamation) means of payment. After a long discussion of metal-based money in the last subsection, Knapp ends chapter 1 with a length of 92 pages.

Chapter 2 deals with „currency within the home country“. Knapp discusses some empirical cases and then the role of banks. He notes that „[t]he convertibility of the bank-notes is then one of the measures by means of which the State assures a superior position to the money which it issues itself, certainly a very important object“. This comes very close to what Mehrling (2010) calls the „pyramid of money“, with bank deposits being promises of „higher“ money, like central bank deposits. Knapp states that it is assured that there is a „fixed rate for the bank-notes in terms of the State-issued money“ (141) – Mehrling’s „par“, if that fixed rate is one-to-one. Banks also use „Giro groups“ to make payments among each other. After paying in a certain amount of state money, they have access to deposits at the Giro group which they can use to make Giro payments: „The members of an association of payers make their payments to one another in the following way; member A delivers a claim which stands to his credit at the central office to member B. By this means the

12 There is an interesting sentence in the context of the Eurozone on p. 41: „If two States should make an agreement for pooling their money, then for our purposes they are no longer separate States, but form a community of States which is to be regarded as a whole.“ 13 The quote continues: „… a provisional satisfaction still leaving something to be done on the part of the State.“ payment is carried out.“ Knapp discusses more topics, like agio and changes of standard in this chapter, which are omitted here because they are of no further interest. Chapter 3 is on exchange rates, chapter 4 consists of a historical review of countries like England, France and Germany.

2.2

The publication of „The State Theory of Money“ in 1905 marks a watershed not only in monetary theory, but in economics as a whole. In the preface to the German edition, Knapp (1924, vii) writes: „In the autumn of 1895, in a course of lectures in Berlin, I put forward my views fully 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; and that the standard is not chosen for any properties of the metals, but for the deliberate purpose of influencing exchanges with the commercially important neighbouring States.“ These views are incompatible with the economic theory that the discipline’s neoclassical writers used at that time, so it would be expected that entrenched interest would rage against Knapp’s theory. Disconnecting money from metals, the supply and demand toolkit could not be applied to metal anymore: it is not scarce. The lack of scarcity – pun intended – is due to the fact that the state can produce paper money at very close to no cost at all. That such a money should have any „value“ in exchange at home (purchasing power) or abroad (exchange rate) would be unthinkable for many economists, even though this possibility was mentioned by Adam Smith (1776) in his Wealth of Nations.14 Therefore, Knapp must have expected some backlash against his book. In his exchange of letters with Bendixen, published by Singer (1958), Knapp’s reaction to the way the book has been received had been recorded in writing. We return to this topic in section 4.

3. The reception in German-speaking academic discourse

In the exchange of letters between Knapp and Bendixen four reviews by three economists are discussed at some lengths. They have been written by Soda (1907), Lexis (1906a, 1906b) and Voigt (1906). From this beginning, a large literature developed, leading to whole books being devoted to "The quarrel about the State Theory of Money" (Der Streit um die

14 Smith (1776) writes in Chapter II (continuation): On Money considered as a particular Branch of the general Stock of the Society, or of the Expense of maintaining the National Capital: "A prince who should enact that a certain proportion of his taxes should be paid in a paper money of a certain kind might thereby give a certain value to this paper money, even though the term of its final discharge and redemption should depend altogether upon the will of the prince." Staatliche Theorie des Geldes).15 Döring's (1920) book on the history of monetary thought starts with Knapp, underlining the importance of his contribution.

In the following, I will provide some brief biographical information about the authors of the first book reviews and provide summaries of these lengthy reviews. I will highlight certain issues that are interest from today’s perspective but at the same time not forget to mention the issues that the authors brought up at considerable length, even though they might look uninteresting from today’s perspective. The book reviews are followed by a section on what Knapp and Bendixen had to say about them in their exchange of letters.

3.1 Calligaris (1906)

Biographical information

Published with the subtitle „A scientific judgment of the monetary reform“, Calligaris reviews Knapp‘s book from an Austrian perspective.16 He starts by noting that no general theory of money exists and that metallism would be the only theoretical structure. Knapp‘s book changes this by trying to unite all sorts of money under one theory. The unifying concept is that of money always being a chartal means of payment, that it is the state that accepts a certain token for payments to itself which gives money its property. This is also valid for money based on metal, which is not worth what it weighs but what it proclaims. Even though the English pound used to be based on weight, by now, writes Calligaris, it is not. In most monetary constitutions the value of money is not connected to a certain content of metal.

Calligaris then writes about switching from one currency to another, about nominality of debts and unit of value. He then discusses the money that is accepted for payments by the state and hence to some extent can be pushed into circulation.17 Calligaris states that the question of what determines the status of permanent money is decided by the skills of the monetary authorities – ‚this is not a question of law but one of economic power‘ (p. 45). This seems to imply that the State can force its citizens to accept a certain money indepedent from any declarations of law, like that of giving a currency the status as legal tender. Calligaris notes that the holder of a banknote does not have a claim on the emitting

15 see Palyi (1922). He concludes on page 95 that apart from the technical system Chartalism would be "invalid", belittling the book by praising its "artistic" value of connecting economic and legalistic ideas. 16 Austrian as viewed from Austria, not from the Austrian school of economics. 17 There is no discussion of seignorage, even though at this point the issue is clearly visible. See Reich (2017) for a discussion of seignorage in different monetary systems. institution but rather a means of compensation when it comes to claims made from the institution on him or her. He then discusses cash as money and why money is never a commodity inside the country but rather the yardstick.18 Gresham‘s law of bad money driving out good money would not work in the context of money that the state accepts for payments to itself.

After discussing Austrian monetary history, Calligaris makes the bold statement that there are no equilibrium exchange rates and that these would be determined by international relations of trade and payments. It is possible to fix exchange rates through economic management of the currency. This would be good for weaker states as it helps the interests connected to trade and finance. The efforts to stabilize the exchange rate work through movements of the rate of interest. These have distributional consequences. An increase in the interest rate is damaging to those borrowing from the central bank, a decrease harms the bank or, in Russia, the state, and thus ultimately tax payers.19 Whether the stabilization of the exchange rate is ultimately successful depends on the economic power of the state. The actual international means of payment would be gold and this is why 1871 is such a significant year in monetary history. A discussion of Austrian monetary history follows, leading to the recommendation to concentrate all golf for use in international payments and not back up domestic currency by gold since it is rather unnecessary.

Calligaris closes with the remark that the new teaching allows an alternative to good and bad in finance, based on actual facts and recognizing existing arrangements. Calligaris then attempts to reconcile metallists with Chartalists by stating that inside the country Chartalism would rule, whereas in international business a ‚theory of business‘ would rule. This theory would replace the quantity of money with the quantity of business, which are the ultimate ends of the issuance of money. In the end, a monetary system‘s fate would be connected to the economic power of a country.20

3.2 Soda (1907a, 1907b)

18 This is interesting with respect to later discussions about how to include money in theoretical economic analysis. 19 Again, a discussion of seignorage is avoided even though the issue is clearly visible. Lower interest rates reduce central bank profits, which are an income to the State. In the early 20th century this would normally have triggered a discussion about seignorage. (See footnote 17.) 20 Calligaris seems to say that the monetary system has an influence on the economic fate of a country, but it is possible to read causality the other way around as the very long statement runs over five lines. Biographical information - Soda 1911 on "The logic nature of economic laws"

According to Singer (1958, p.71 fn. 1) Kiichiro Soda was a very distinguished Japanese private banker and social philosopher. He was at Freiburg im Breisgau in 1907. He read a book review of Knapp's "State Theory of Money" in a Japanese journal on the law and send it - translated into German - to Knapp. Knapp ignored the book review just as he ignored all the other book reviews coming from foreign countries. This is somewhat odd since Knapp spoke English well and had studied the English political economists before 1870.

Soda starts with a short summary of Knapp’s main points, then attacks the book on two fronts. Firstly, means of payment is but one function of currency. Why is Knapp so fixated on this function? Means of exchange and measure of value, according to Soda, are what needs to be examined in order to understand the nature of money (p. 339). The function as means of payment would be a derivative of the other two functions. Secondly, Knapp's idea of means of payment is different from that of other economists. Soda does not instantly provide any theoretical explanations to back up his arguments but refers to one of his writings (in Japanese). He stresses the difference of the law and economics as the result of the specialization of sciences. Later, he uses almost incomprehensible sentences to describe what he thinks money is. For instance, Soda (1907a, 342) writes: „Money is, like I said, a realized objectivity of a psychological human process, that means, of subjective value“.21 He writes that the law does not force anybody to save in the form of money or wire student fees in the form of money towards where the son is studying.

The next section is on the value of money (Wertmaß). After some metaphorical musings, Soda states that money builds on specialization of labor and private property (343). He mentions Marx and the idea of the circuit (G – W – G), in which money is traded for goods which are trade for money.22 The point is to divorce money in economic life from money in legal terms, driving a wedge between the statements of Knapp and the real world. Soda (344) states: „That money is the objective expression of value is the nature of money“. This, obviously, is the opposite of what Knapp said, who stressed that the question of „value“ of money is imprecise, that value would not exist. Soda wants to compare the value of money with the value of goods. He concludes that the state can fix the unit of currency, then suggests to keep apart the „gestalt“ of money and its functions. Soda sees money arise

21 The original reads: „Geld ist, wie ich vorher betont habe, eine verwirklichte Objektivität eines psychologischen Vorgangs des Menschen, das heißt, des subjektiven Wertes“. 22 Soda does not write G – W – G‘, the usual notation that indicates that profit (more money) is the ultimate goal. before debt (345) and hence does not support the idea of money as debt as developed by Knapp.

Soda’s (347) definition of money is the following: „A thing […] becomes means of payment because it is money“. To define money by defining a means of payment is, according to Soda, the wrong way to proceed. Soda agrees with Knapp that the state has the power to define the medium that discharges a liability. However, in the economic dimension money would be something different. Money would be the objective expression of value, bound with the function of means of barter (Tauschmittel). He thus disagrees with Knapp’s definition that money is determined by legal considerations.23 On the legal side, money is the measure of value and the means of payment (Zahlungsmittel).24 The ideas expressed by Knapp, namely that money is a creature of the state, that past, present and future of money must be thought from a legal perspective and some other issues are due to the neglect of the economic dimension. Soda then discusses the controversy of the banking school and the currency school in the context of philosophy, acknowledging the work of Simmel (1978) [1907].

In the end of the first part of his book review (pp. 336-355), Soda develops a range of questions. One is why money should be differentiated from non-money, another why the property of means of payment should define money and also why one should call money that which the State declares as money. He continues the discussion in the second part of his book review (pp. 620-655). Since he lays down his own opinion, discussing Knies, Simmel and Marx, among others, the second part is not directly relevant in the context of Knapp’s State Theory of Money. Soda returns to Knapp only in his conclusion. He rejects Knapp’s ideas outright, writing at length about problems of value, the exchange rate and paper money. He claims that paper money can be money and believes to contradict Knapp. Soda (655) concludes: „The function of money to provide a numerical measure stick (Maßstab) to all economic phenomena and actions, independent from the subjects. And nothing else.“

Comments by Knapp and Bendixen

3.3 Lexis (1906a, 1906b)

23 On page 353, Soda writes that Knapp could not explain the current monetary arrangements of China, but does not proceed to make his case. 24 He discusses money as a means of payment in more detail on pp. 354 ff. Biographical information

Lexis wrote two book reviews in 1906. In Lexis (1906a) he starts with noting that Knapp‘s theory is static and does not cover the dynamic aspects of money, with the state keeping up its monetary order against „the storm of economics forces“ (557). According to Lexis, all countries have seen their foundations of monetary law being shifted without their action and without their intent. The circulation of gold turned into a circulation of currency, paper money lost 90% of its value, such are the things that need to be explained. Lexis congratulates Knapp for the vocabulary that he invented and the definition of money as a „chartal means of payment“. He rightly summarizes Knapp‘s view that not metal content but proclamation is what makes money money and that Knapp‘s book is not a call for paper money. Lexis understands the centrality of the argument that money discharges our (tax) liabilities vis-a-vis the state. He notes that Knapp‘s definition of cash as metal coins is tighter than the usual definition of the time (which, in Germany, included coins, bank notes, notes of other banks and the state, gold and foreign cash). Lexis then searches for examples in the real world that would fit Knapp‘s categories of money and spends the next pages discussing Knapp‘s vocabulary. A description of international currency issues follows. In all of these, Lexis confirms the views of Knapp.

Lexis then discusses the difference of metallists and Knapp. While metallist would only look at money in terms of stability of purchasing power, Knapp sees money from the perspective of nominal debt. The existence of nominal debts allows the State to insert a currency with which to discharge the debts incurred in the past. The State, according to Knapp, has no power over purchasing power and relative prices. Metallists would see the switch from cash to paper money not as degeneration (Entartung) of money as long as there would be a metal standard foundation. Since metallists cannot explain recent monetary phenomena of paper money keeping its value (purchasing power), Knapp was justified in putting forward a new theory. His theory, however, would only look into the being of money. The effects of money are different and they need to be addressed as well.

In Lexis (1906b) starts with the metallist's definition of money. Only that is money which, even if it loses its form as money (by conversion to pure metal), always keeps its value. The state puts symbols on metal to guarantee its quality and weight. Everything else is a surrogate and not „real“ money. However, recent phenomena have shown that paper money can take on functions and characteristics of independent money. Changes in purchasing power would complicate the matter. Knapp, however, would see money as a creature of the law. Money in its existence is independent from its material. The further statements are mostly identical to those in the other book review. Lexis emphasizes that for Knapp money is not that which is legal tender or that which is emitted by the State, but only that which is accepted by the State for payment.25 The State has to act in order to fix the exchange rate of its money with respect to gold, which Knapp is in favor of. Lexis praises Knapp for his „clearest transparency“ and „strictest logic“.

In his conclusion, Lexis argues that Knapp has written a book on money which ignores the economic – as opposed to the state – theory of money. His theory would stand the test of time, but an economic theory of money is needed. It would be of importance for the State when it designs its money. Lexis doubts that the economic theory of money, which is still firmly rooted on metallism, would take a Chartalist turn. So, for now, the doctrine of metallism would be sufficient to understand money, with the English system of gold-backed money being the normal case.

Comments by Knapp and Bendixen

3.4 Voigt (1906)

Biographical information

Voigt (1906, 317) starts with a comparison of Knapp with Schmoller. Schmoller would present facts and, putting them to use, would reject theories using those facts. Knapp, however, starts with theory in his very first sentence – money being a creature of the state – and then would uses logic more than facts to persuade us that he is right. Only in his fourth chapter would he lead the right down the (empirical) path that led him – Knapp – to develop his ideas about money. Unlike Schmoller, who would have presented a complete history of money, Knapp however limits himself to the recent history of money. Scholars belonging to Schmoller’s school of economics would shake their head at such a methodological choice, but would find themselves in agreement with the focus on the state, the public administration and the rejection of economic laws.

Knapp, writes Voigt, builds up his theory a priori, without introducing some empirical facts to the reader. The law of the monetary institutions rests on the laws of the state, not on economic laws. The economic issues would rather disturb the legal order. Voigt concludes that Knapp’s rejection of economic laws in the field of money is an application of

25 Knapp does not deny that legal tender exists – it just does not feature in his definition of money. Schmoller’s general principle of rejecting economic laws. Voigt recognizes the importance of the issue at hand. If the idea that the State with his laws is above the economic laws and can hence manipulate, change (abändern) or modify (modifizieren) them is correct, then it would have opened the door wide for any sort of radical economic policy. The state then should be able to push down the price of real estate, regulate the price of bread and meat and also the worker’s wage. The question of the organization of the economy is one of legislation, and thus problems would only exist because of the „good will“ of the ruler.26 The „good defense“ that the state has to protect itself from radical claims would be lost: that some things are impossible for economic reasons.

If all of this would be correct, then the discipline of economics would be no special science, but rather be applied administrative law. The role of economists would be to teach the administrators what good will is. This seems to be what Knapp would be doing, teaching financial men (Finanzmännern) that there are no barriers and that those that they see are imagined ones. Voigt mentions in passing that what Knapp says has been said before and that Knapp fails to cite his predecessors.27 The idea of Knapp is that the state introduces new money just as it introduces new measures for weight or length. It would without consequence whether the state chose gold coins or paper as currency, as it sets nominal value of the pieces. People would not greatly care about this as they both receive money and return money to the state. Voigt stresses that Knapp writes about only one historical issue, that of the nominalism of debt going back to the past. Consumer prices can change, but the nominal debt must be upheld.

Voigt stresses the experience of paper money in Austria that Knapp mentions in his preface. It is then and there that Knapp sees the state stamping paper money which is then used for ultimate payment as the burghers cannot exchange their paper money into anything else promised by the Austrian state. Voigt notes that Knapp’s attacks on economists and practitioners are relatively fierce, but since he does mention names this should not be a problem. Voigt (p. 325) then states that he „this state theory does not fit the facts of monetary history nor the current phenomenon that prompted its development“.

Voigt starts with the question whether the State can chose the currency as it wishes. He examines the case where the State replaces one currency with another that has a different purchasing power. A State doing this would be accused of breaking the law, as it would

26 I’m not sure whether Voigt is sarcastic here or this is a typo. 27 Voigt (p. 321) mentions publications by Menger and Roscher. constitute an intervention in property rights and (nominal) debts. It would be acceptable if changes in purchasing power would come about over time, but if the State would change it on purpose we would have a social “coup d’etat“ (sozialer Staatsstreich). A historical example from ancient Greece is put forward to support his claim, but Voigt has to admit that the consequences of the change in purchasing power had not been recorded. Voigt claims that even though Knapp never explicitly mentions it, he would think it possible for the State to change the purchasing power of currency when introducing a new one. A change in purchasing power would lead to economic disorder and hence nobody should believe that the State could change the currency in this way. Because of this they would be factually impossible. Voigt then accuses Knapp of producing a theory of money for the isolated state.28 A change in the currency of England would lead to economic disorder in foreign trade, which Knapp would ignore.

The next issue concerns the term „money“. Knapp, Voigt writes, would have a narrow definition of money when he defines as money only that which is legitimized and issued by the State. No conclusions regarding the nature (Wesen) of money should follow directly from this definition as other definitions are possible. Voigt notes that there has been and is in use money that has not been issued by the State, a fact that Knapp would not disagree with. Voigt sees in Knapp two payment systems, one based on economic motives, the other on authority of the state. Voigt distinguishes three historical periods:

1. a period of private money only (pre-middle Ages) 2. a period of money issued by states and territories (middle Ages until late 19th century) 3. a period of monopolized state money (19th century onwards in England)

Voigt says that in the first two periods economic and not legislative moments ruled. Why was the relationship between money and the State different over time? Voigt sees the State of the pre-middle Ages periods as not having a monetary-financial base that would allow it to regulate and intervene. The money issued by the state in the third period would be based on an economic basis that was established in the past. Voigt notes that the State could not regulate the value – read: purchasing power – of its paper money. Good money, according to him, should have a constant purchasing power. He then praises gold as a good basis for money. His reasons why this is so stay in the dark as his views can be summarized as

28 The „isolated state“ goes back to von Thünen (1966), originally published in German in 1826. Voigt makes the connection explicit in footnote 1 on p. 336. money is money because it is accepted as money all over the world. Voigt claims that the State did not cause gold money to circulate, so it cannot take away this property. A discussion of gold currency in the world economy follows. Voigt concludes briefly that economics should be an economic science, thus rejecting the idea that legal considerations play a role when it comes to money, as Knapp theorized.

3.5 Others

Knapp's book prompted a significant academic debate. Many prominent economists wrote about Knapp's theory and about how other economist's work would fit into the "The State Theory of Money". For instance, Schumpeter (1954, 288-9) classified Marx as a "theoretical metallist" since Marx based the value of money squarely on gold.29 In chapter three of "Capital", named "Money, or the circulation of commodities", Marx starts with the sentence: "Throughout this work, I assume, for the sake of simplicity, gold as the money-commodity."

Georg Simmel

Simmel published his "The Philosophy of Money" first in German in 1900.30 In the third English edition, Simmel (2004), David Frisby mentions the connection between Knapp and Simmel. Knapp followed the work and career of Simmel and read "The Philosophy of Money", commenting on it in a letter that it was stimulating to him.31 Possibly, Simmel had attended lectures by Knapp when he was a student in Berlin. Knapp also had a hand in Simmel's appointment at the University of Straßburg.32 Frankel (1977) writes extensively about the monetary theories of Simmel and, to some extent, Knapp. He does not agree with Knapp. The State would not be an actor, Frankel (1977, 52) thinks, and if it would be and we assume that he is "all powerful in monetary affairs [..] then we have in fact assumed away a free monetary order." Härpfer reports that during 1872-1882 Knapp, Lexis and Schmoller build up the Political Sciences seminar (Staatswissenschaftliches Seminar), which was led by Schmoller when Simmel attended it in the summer of 1889.

Max Weber

29 See Nelson (2005, p. 65 ff.) for more on Marx and credit theories of money. 30 See Laidler and Rowe (1980) for a review article for economists. 31 Simmel (2004, xvi) 32 ibid.

Knut Wicksell

Wicksell (1999) [1907] published a book review of "The State Theory of Money". According to Ronacaglia (2006, p. 415), he went to Strassburg to listen to Knapp Brentano in the year 1887 or later. He is surprised that Knapp would publish a book on theory, after having joined the Historical School. He lauds his work, including "those quiet little satirical sallies" that were so peculiar to him. Having himself examined both pure cash and pure credit economy, he is happy with Knapp's resolution of examining paper money even though it might be viewed as a bad monetary system. Wicksell (1999, p. 211) presents Knapp's basic idea - "the purely formal, conventional or 'proclamatory character of money". One thing that Wicksell deems important is that changes in the standard of payment have an effect on those who have net assets and those who have net liabilities. There is hence a distributional issue connected to the question of money.

Wicksell (1999, p. 216) also highlights "the question whether the state, too, could make itself the central player in a giro association, in which case the two stages passed through to date in the development of means of payment, the autometallic and the cartal (money) would be succeeded by a third, the 'giral', possibly without the employment of any money or metal at all. Knapp answers this question in the affirmative", but does not go into detail nor does he recommend such a system. It does not escape Wicksell that Knapp notes dryly that "gold would ultimately be superfluous; it would therefore be possible to dispense with it completely". Written in the year of the Panic of 1907 in the US, which ultimately led to the creation of the Federal Reserve Bank System, we have here the theory underpinning the latest developments in monetary systems.33

Wicksell, however, feels himself obliged to distance from Knapp at this point, again praising the first 200 pages of the book. He wonders what determines the value of money, or in modern terms, the purchasing power, both with respect to other currencies (exchange rate) and to goods and services. He is not happy with Knapp's answer to the first question and does not find his second question addressed at all. Wicksell (1999, p. 216) emphasizes "the so-called quantity theory of money, which for all its shortcomings is still probably the only

33 See Moen and Tallman (1999) for the connection between the Panic of 1907 and the creation of the US central bank. possible or conceivable way of explaining the value of money". He further elaborates on why he is not satisfied by Knapp's explanation of the exchange rate mechanism. Apart from these inconsistencies, Wicksell (1999, p. 219) agrees with Knapp and closes his account pointing out that "in terms both of its content and its form [..] it is to be counted among the pearls of economics literature".

Joseph Schumpeter

Schumpeter (1926, p. 513 f.) wrote Knapp's obituary in The Economic: "He had a clear, I should like to say passionate, vision of the essence of things, which pierced far below the surface. He saw the processes and problems of history and grasped them more firmly than most men do the facts surrounding them. And he based his historical analysis on a comprehensive knowledge of present-day facts." In the last paragraph, Schumpeter (1926, p. 514) mentions "The State Theory of Money", "his most successful hit" that rose him to international fame. However, Schumpeter thinks that "it went wrong" and its influence on monetary science "an unfortunate one". Given that Keynes built on Knapp only in his "A Treatise on Money" in 1930, Schumpeter probably gave his honest opinion about Knapp.

John Maynard Keynes

According to Schefold (1987, p. 54), "Knapp's institutional approach and his rejection of the quantity theory [..] constituted a first step towards the later theories of Keynes and his school". Frankel (1977, ix) in chapter 4 "emphasizes the importance of Georg Friedrich Knapp's influence on Keynes's outlook". The connection is obvious as Keynes (1930, p. 5) writes: "[T]he Age of Chartalist or State Money was reached when the State claimed the right to declare what thing should answer as money to the current money-of-account - when it claimed the right not only to enforce the dictionary but also to write the dictionary. To-day all civilised money is, beyond the possibility of dispute, chartalist."

This is why Keynes (1972, p. ?) [1933] argues very clearly for an expansionary fiscal policy in times of economic crisis: "In the field of domestic policy, I put in the forefront, for the reasons given above, a large volume of loan expenditure under government auspices." The usual counter-argument would be that government spending is tax-financed and that a raise in taxation is impossible in times of depression, but Keynes when following Knapp knows that this is untrue. As Cesaratto (2016) claims, the State first spends and only taxes later. Keynes (2010 [1928], pp. 90-92) wrote: "The Conservative belief that there is some law of nature which prevents men from being employed, that it is 'rash' to employ men, and that it is financially 'sound' to maintain a tenth of the population in idleness for an indefinite period, is crazily improbable - the sort of thing which no man could believe who had not had his head fuddled with nonsense for years and years."

Ludwig von Mises

4. Knapp and Bendixen on the reception of „The State Theory of Money“

In the exchange of letters published by Singer (1958), Knapp and Bendixen - a banker from Hamburg - discuss the book reviews as they appear.34 Bendixen discusses Voigt (1906), saying that his respect towards Lotz - another book reviewer that I did not discuss here - has increased after reading Voigt. Bendixen does not like Voigt at all, he states. The words he uses to describe the review are hollow and superficial (hohl und oberflächlich). It would be useless to engage in a controversy with him.

Having read the book review of Lexis (1906a) twice, Bendixen writes that Knapp should be satisfied. Lexis seems to be enthusiastic, and had to restrain himself when writing the book review. Apart from agreeing with the book he only adds that an economic theory of money is necessary, but that would be nothing new. Knapp agrees with this assessment and writes that Lexis is rightly named the most knowledgeable specialist on money. The small metallist yappers would be disgraced. Discussing the second book review by Lexis (1906b), Knapp and Bendixen agree that it is more of the same and that Lexis is a bit diplomatic by pointing out that the metallist authors write very well.

Last, and indeed least, Knapp and Bendixen discuss Soda (1906). Bendixen writes that flicked through the book with great discomfort. He complains that he cannot follow Soda's line of reasoning, stating his preference for simple and clear deductions. In his reply, Knapp never mentions Soda's book review.

5. Conclusion

34 See pages 25 (Lotz), 28 (Voigt), 30 (Diehl), 37 f. (Lexis, 1906a) , 40 ff. (Lexis, 1906b), 67 (Menadier), 71 and 121 ff. (Soda).

Lerner (1947) – MMT – Euro Treasury

The academic reception of Knapp‘s book on monetary theory was no surprise. Authors that belonged to the tradition of metallist thought saw the book as an interesting addition from a perspective of law that would be silent on the economic perspective. The book was belittled as a new perspective that would not be able to challenge the economists‘ view of money. Voigt understood precisely that, following Knapp‘s theory, the often used defense that some policy reforms are not possible for economic reasons – read: a lack of money to spend – would fall and hence the door for progressive policies of all kinds would be opened.

The book review by Soda is something of an oddity. The authors seems to have read a lot of European economic theory but was more of a philosopher than an economist. It is unclear why he was chosen to write two lengthy book reviews in a field that he apparently was not an expert in. His ideas are mostly unclear and his reading of Knapp is superficial, as he argues at times against positions that were not held by Knapp. As with Voigt, it is not easy to understand what an economic theory of money is and why that is incompatible with or would override the state theory of money. Soda probably sees the other functions of money as economic functions and this is why is not supportive of Knapp. However, he fails to address the deeper question of the reasons behind the use of money in the economic realm.

The reviews by Lexis are sympathetic to Knapp. Like the other two reviewers, he stresses that we need an economic theory of money to supplement the state theory of money. That economic theory of money would be a metallist theory and that would work well enough. In other words, Knapp‘s theory has won over Lexis.s

From today‘s perspective, it seems rather odd that two theories of money – one legal, one economic – were thought to co-exist. Wicksell (1898) had already shown some years before the appearance of Knapp‘s book that in order to understand money one would have to understand a pure cash economy and a pure giro economy plus the interactions of the two kinds of money. Bank deposits and central bank money circulate in parallel, and bank deposits are promises of cash, which is one form of central bank money.35 Since the writing of Knapp‘s book, we have seen the use of cash and metal coins much diminished and bank deposits have taken their place. This has to a very large extent validated the ideas of Knapp, the most prominent of which is that money is what the state accepts as payment.

35 The other is reserves, deposits that bank hold at the central bank. Nevertheless, it has only recently been rediscovered that what follows from this – as correctly recognized by Voigt (1906) – is that the state as the issuer of currency need not go bankrupt if Treasury and central bank work together.

Literature

Bonar, J. (1922) ‚Knapp‘s Theory of Money‘, The Economic Journal, Vol. 32, No. 125, pp. 39-47

Calligaris, Ludwig (1906) ‚Staatliche Theorie des Geldes‘, Österreichische Rundschau, Vol. VII, No. 80, pp. 43-50

Cesaratto, Sergio (2016) ‚The state spends first: Logic, facts, fictions, open questions‘, Journal of Post Keynesian economics, Vol. 39, No. 1, pp. 44-71

Döring, Herbert (1920) 'Geldtheorien seit Knapp, ein dogmenhistorischer Versuch', Julius Abel: Greifswald

Dub, Moriz (1902) ‚The National Debt of Austria-Hungary‘, The North American Review Vol. 174 No. 545, pp. 565-576

Ehnts, Dirk (2016) 'The euro zone: what would John Maynard do?', IPE Berlin working paper No. 72/2016

Ellis, Howard Sylvester (1937) 'German Monetary Theory, 1905-1933), Harvard University Press: Cambridge, MA.

Feldman, Gerald D., Carl-Ludwig Holtfrerich, Gerhard A. Ritter and Peter-Christian Witt (1986), Die Anpassung an die Inflation / The Adaptation to Inflation, Veröffentlichungen der historischen Kommission zu Berlin, Vol 67, De Gruyter: Berlin and New York

Frankel, S. Herbert (1977) 'Two Philosophies of Money: The Conflict of Trust and Authority', St. Martin's Press: New York

Härpfer, Claudia (2012) 'Georg Simmel und die Entstehung der Soziologie in Deutschland: Eine netzwerksoziologische Studie', Spinger VS: Wiesbaden

Keynes, John Maynard (1930) 'A Treatise on Money', Macmillan and Co.: London

Keynes, John Maynard (1972) 'Can Lloyd George Do It?' reprinted in D. E. Moggridge (ed.), The Collected Writings of John Maynard Keynes', Vol. IX, Essays in Persuasion, Macmillan: London, pp. 86-125

Keynes, John M. (1972) 'An open letter to President Roosevelt. NY Times', Dec 31, 1933, reprinted in D. E. Moggridge (ed.), The Collected Writings of John Maynard Keynes, XXI, Activities, 1931-1939: World Crises and Policies in Britain and America, Macmillan: London pp. 289-297

Knapp, Georg Friedrich (1924) [1905] ‚The State Theory of Money‘, abridged and translated by H. M. Lucas and J. Bonar. Macmillan & Company Ltd: London

Knapp, Georg Friedrich (1925) [1906] 'Erläuterungen zur Staatlichen Theorie des Geldes', Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft, Vol. XXX, republished in Knapp (1925)

Knapp, Georg Friedrich (1925), ‚Einführung in einige Hauptgebiete der Nationalökonomie', Ausgewählte Werke von Georg Friedrich Knapp, Vol. I, Duncker und Humblot: München und Leipzig

Knapp, Georg Friedrich (2018), ‚Die Staatliche Theorie des Geldes‘. Makroskop Mediengesellschaft: Wiesbaden

Laidler, David and Nicholas Rowe (1980), 'George Simmel's Philosophy of Money: A Review Article for Economists', Journal of Economic Literature, Vol. 18., No. 1, pp. 97-105

Lerner, Abba P. (1947) ‚Money as a Creature of the State‘, The American Economic Review, Vol. 37, No. 2, Papers and Proceedings of the Fifty-ninth Annual Meeting of the American Economic Association, pp. 312-317

Lexis, Wilhelm (1906a) 'Eine neue Geldtheorie', Archiv für Sozialwissenschaft und Sozialpolitik, Vol. 23, No. 5, pp. 557-574

Lexis, Wilhelm (1906b) 'Die Knapp'sche Geldtheorie', Jahrbücher für Nationalökonomie und Statistik, Vol. 32, No. 3, pp. 534-545

Mehrling, Perry (2010) 'The New Lombard Street: How the Fed Became the Dealer of Last Resort', Princeton University Press: Princeton

Moen, Jon R., and Ellis W. Tallman (1999) 'Why Didn’t the United States Establish a Central Bank until after the Panic of 1907?' Federal Reserve Bank of Atlanta Working Paper No. 99- 16

Nelson, Anitra (2005) 'Marx's Objections to Credit Theories of Money', in: Moseley, Fred (ed.) 'Marx's Theory of Money - Modern Appraisals', Palgrave Macmillan: Basingstoke, UK

Palyi, Melchior (1922) 'Der Streit um die Staatliche Theorie des Geldes', Duncker und Humblot: München und Leipzig

Patinkin, Don (1982) 'Anticipations of the General Theory?', University of Chicago Press: Chicago

Reich, Jens (2017) ‚Seignorage – On the Revenue from the Creation of Money‘, Cham (CH): Springer

Roncaglia, Alessandro (2006) 'La riqueza de las ideas: una historia del pensamiento económico', Prensas Universitarias de Zaragoza: Zaragoza

Sanger, C. P. (1906) 'Review: Staatliche Theorie des Geldes', The Economic Journal Vol. 16, No. 62, pp. 266-267

Schefold, Bertram (1987) 'Georg Friedrich Knapp', in: J. Eatwell, M. Milgate and P. Newman (eds.), The New Palgrave, vol. 2, pp.54-55

Schumpeter, Joseph (1926) 'Obituary: G. F. Knapp', The Economic Journal, Vol. 36, No. 143, pp. 512-514

Simmel, Georg (1978) [1907] The philosophy of money, Translation of the second, enlarged edition by T. Botromore and D. Frisby. Routledge: London and Boston

Singer, Kurt (1958) 'Zur Staatlichen Theorie des Geldes', Kyklos-Verlag: Basel (CH) and J. C. B. Mohr (Paul Siebeck): Tübingen

Skidelsky, Robert (1992) 'John Maynard Keynes, Vol. 2 - The Economist as Saviour', Macmillan London Limited: London

Smith, Adam (1776) 'An Inquiry into the Nature and Causes of the Wealth of Nations', W. Strahan and T. Cadell: London

Soda, Kiichiro (1907a) Die neue Knappsche Geldtheorie und das Wesen des Geldes. Jahrbücher für Nationalökonomie und Statistik, Vol. 34, No. 3, pp. 336-355

Soda, Kiichiro (1907b) Die neue Knappsche Geldtheorie und das Wesen des Geldes. Jahrbücher für Nationalökonomie und Statistik, Vol. 34, No. 3, pp. 620-655

Soda, Kiichiro (1911) 'Die logische Natur der Wirtschaftsgesetze', Verlag von Ferdinand Enke: Stuttgart

Trautwein, Hans-Michael (2003) 'G. F. Knapp: an economist with institutional complexion', in: Warren J. Samuels (ed.), 'European Economists of the Early 20th century, Volume 2: Studies of Neglected Continental Thinkers of Germany and Italy', Edward Elgar: Cheltenham, UK

Voigt, Andreas (1906) 'Die staatliche Theorie des Geldes', Zeitschrift für die gesamt Staatswissenschaft, Vol. 62, pp. 317-340

Von Thünen, Johann Heinrich (1966) Von Thünens Isolated State, transl. by Carla M. Wartenberg. Ed. with an introd. by Peter Hall. Pergamon Press: Oxford, London, Paris

Wicksell, Knut (1999) [1906], 'Georg Friedrich Knapp, Die Staatliche Theorie des Geldes, reprinted in: Sandelin, Bo, Wicksell, Knut - Selected Essays in Economics, Vol. II, Routledge: Abingdon, UK

Wray, L. Randall (1998) Understanding Modern Money. Edward Elgar: Cheltenham (UK)

Wray, L. Randall (1998) 'Modern Money', in: Smithin, John (2000) What is Money?, Routledge: London and New York

Wray, L. Randall (2014) From the State Theory of Money to Modern Money Theory: An Alternative to Economic Orthodoxy, Levy Economics Institute Working Paper no. 792

* [C] Die Geldtheorien seit Knapp: ein dogmatischer Versuch H Döring - 1922 - L. Bamberg Zitiert von: 24 Ähnliche Artikel Mehr

* [C] Zur staatlichen Theorie des Geldes: ein Briefwechsel, 1905-1920 GF Knapp, F Bendixen - 1958 - Kyklos-Verlag Zitiert von: 1 Ähnliche Artikel Mehr

* Der Streit um die Staatliche Theorie des Geldes. Palyi, Melchior: Verlag: München und Leipzig, Duncker & Humblot, 1922

Staatliche Theorie Des Geldes. Ein Wissenschaftliches Urteil Über Die Währungsreform / Hugo Wolf Und Richard Wagner Calligaris Ludwig Dr. / Werner Heinrich Dr.

Hartgeld oder Papier? Eine Antwort auf G.F. Knapps Buch über die staatliche Theorie des Geldes. Ulm, Nübling 1905. (4), 55, (1) S. Brosch. - Nicht aufgeschnitten. Der gerissene Rücken m.e. kl. Klebestreifen geheftet. Gering wasserwellig. Sonst aber gut.

ULM/DONAU -- Nübling, Eugen

Metallgeld oder Zeichengeld. Erörterungen zur "Staatlichen Theorie des Geldes" unter besonderer Berücksichtigung des Geldwertproblems

Lederer, Carl

Geld und Geldwesen der Geld-(Kredit-)Wirtschaft. Die wirtschaftliche Begründung Knapp's staatlicher Theorie des Geldes.

Owesny, Hans:

Zur staatlichen Theorie des Geldes. Ein Briefwechsel 1905-1920. Ausgew. und hrsg. von Kurt Singer.

KNAPP, G(eorg) F(riedrich), F(riedrich) BENDIXEN,

Moeller, H., Knapp, G. F., Bendixen, F., & Singer, K. (1960). Zur Staatlichen Theorie des Geldes. http://www.degruyter.com/viewbooktoc/product/249932?rskey=O2wJMe&onlyResultQuery=9780674331044 http://www.jstor.org/stable/23823281?seq=1#page_scan_tab_contents

Literaturverzeichnis.

Altmann, S. P.: Zur deutschen Geldlehre des 19. Jahrhunderts, in: Die . Entwicklung der deutschen Volkswirtschaftslehre im 19. Jahrhundert. Gustav Schmoller zur 70. Wiederkehr seines Geburtstages, 24. Juni 1908. 1. Teil, Abhandlung VI. Leipzig 1908.

— Artikel „Quantitätstheorie", Handwörterbuch der Staatswissen- schaften, 7. Bd., 3. Aufl. Jena 1911.

— Besprechung von Irving Fisher, „Die Kaufkraft des Geldes". Jahrbücher für Nationalökonomie und Statistik, 3. F., 57. Bd. 1919.

Amonn, Alfred: Objekt und Grundbegriffe der theoretischen National- ökonomie. Wien und Leipzig 1911.

— Robert Liefmanns „Neue Geldtheorie", Archiv für Sozial- wissenschaft und Sozialpolitik, 44. Bd. 1917/18.

— Robert Liefmann, Die Geldvermehrung und die Beseitigung ihrer Folgen. Archiv für Sozialwissenschaft und Sozialpolitik, 46. Bd. 1918 19.

— Liefmanns „Neue Wirtschaftstheorie". Archiv für Sozialwirtschaft und Sozialpolitik, 46. Bd. 1918/19.

Auhagen, Otto: Ursachen und Wirkungen der Geldentwertung. Schmollers Jahrbuch für Gesetzgebung, Verwaltung und Volks- wirtschaft im Deutschen Reiche, 44. Jahrg. 1920.

Aucuy, Marc: Les systemes socialistes d'Echange. Paris 1908.

Bartsch, Fr.: Valutaschutz im Krieg und in der Übergangswirtschaft. Mitteilungen des Verbandes österreichischer Banken und Bankiers, 2. Jahrg., Nr. 5, 6. 1919.

V. Beckerath, Herbert: Kapitalmarkt und Geldmarkt. Jena 1916.

— Die Markvaluta. Jena 1920.

Bendix, Ludwig: Krieg und Geldmarkt. Volkswirtschaftliche Zeit- fragen, Nr. 289. Berlin 1915.

— Krieg und Volkswirtschaft. Berlin 1915.

Bendixen, Friedrich: Das Wesen des Geldes. 1. Aufl., Leipzig 1908. 2. Aufl., Leipzig 1918.

Bendixen, Friedrich: Geld und Kapital. Leipzig 1912. 2. Aufl., Jena 1920.

— Währungspolitik und Geldtheorie im Lichte des Weltkrieges, 1. Aufl. München und Leipzig 1916. 2. Aufl. München und Leipzig 1919.

— Besprechung von L.v.Mises, „Theorie des Geldes und der Um- laufsmittel". [Deutsche Literaturzeitung, Nr. 48. 1912.

— Das Inflationsproblem. Finanz- und volkswirtschaftliche Zeit- fragen, herausgegeben von Schanz und Wolf, 31. Heft. Stuttgart 1917:

— Kriegsanleihen und Finanznot. Jena 1919.

— Vom theoretischen Metallismus. Jahrbücher für National- ökonomie und Statistik, 3. F., 57. Bd. 1919.

— Nominalismus und Metallismus. Eine Erwiderung an L. v. Bort- kiewitz. Jahrbücher für Nationalökonomie und Statistik, 3. F., 58. Bd. 1919.

— Bemerkungen zur Geldschöpfungslehre. Jahrbücher für National- ökonomie und Statistik, 3. F., 58. Bd. 1919.

— Die Inflation als Rettungsmittel. Bankarchiv, 19. Jahrg. 1919.

— Devalvation. Eine Richtigstellung. Bankarchiv, 19. Jahrg. 1920. Bernhard, Georg: Die Politik der Reichsbank im Kriege. Archiv für Sozialwissenschaft und Sozialpolitik, 40. Bd. 1915. Bett, Karl: Die Heilung des Geldes. Bankarchiv, 19. Jahrg., Nr. 15. 1920.

Biermann, W. Ed.: Zur Lehre von der Produktion und ihrem Zu- sammenhange mit der Wert-, Preis- und Einkommenslehre. Leipzig 1904.

— Staat und Wirtschaft. Bd. 1, Die Anschauungen des ökonomi- schen Individualismus. Berlin 1904.

— Die moderne Bankenkonzentration. Zeitschrift für Soziäl- wissenschaft, N. F., 10. Bd. 1907.

— Die Weltanschauung des Marxismus. An der materialistischen Geschichtsauffassung und an der Mehrwertlehie erörtert. Leipzig 1908.

— Volkswirtschaftliche Lehren des Weltkrieges. Berlin und Leipzig 1915.

Bittner, Karl: Mono. Ein Vorschlag an die internationale Finanz- konferenz. Bankarchiv, 19. Jahrg., Nr. 15. 1920.

Bloch, D.W.: Die Entwertung der deutschen Valuta im Weltkriege unter besonderer Berücksichtigung der Inflation. Basel 1918.

V. Bröhm-Bawerk, Eugen: Positive Theorie des Kapitals, 3. Aufl. Innsbruck 1912.

V. Böhm-Bawerk, Eugen: Artikel „Wert", Handwörterbuch der Staatswissenschaften, 3. Aufl., 8. Bd. Jena 1911.

V. Bortkiewitz, L: Die geldtheoretischen und währungspolitischen Konsequenzen des Nominalismus. Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 30. Jahrg. 1906.

— Das währungspolitische Programm Otto Heyns. Schmollers Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 42. Jahrgang. 1918.

— Die Frage der Reform unserer Währung und die Knappsche Geldtheorie. Annalen für soziale Politik und Gesetzgebung, 6. Bd. 1919.

— Valutapolitik auf neuer Grundlage. Bankarchiv, 19. Jahrg., Nr. 8. 1920.

— Der subjektive Geldwert. Schmollers Jahrbuch für Gesetz- gebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 44. Jahrg. 1920.

V.Braun, Fr. Edler: Wiedereinführung der Goldwährung. Berlin 1920. Brentano, Lujo: Die Geldentwertung, ihre Ursache und ihre Abhilfe. Berliner Tageblatt No. 390 vom 2. August 1918.

— Geldentwertung und bargeldloser Zahlungsverkehr. Berliner Tageblatt, Nr. 441 vom 13. August 1918.

Bucharin: Das Programm der Kommunisten (Bolschewicki). Berlin 1919.

Budge, Siegfried: Zur Frage der Bankrate und des Geldwertes. Archiv für Sozialwissenschaft und Sozialpolitik, 44. Bd. 1917.

— Vom theoretischen Nominalismus. Jahrbücher für National- ökonomie und Statistik, 58. Bd., 3. F. 1919.

— Waren- oder Anweisungstheorie des Geldes. Archiv für Sozial- wissenschaft und Sozialpolitik, 46. Bd. 1918/19.

Buff, Siegfried: Reichsbank und Krieg. Annalen des Deutschen

Reiches, 48. Bd. 1915. Bucqoy, Graf: Die Theorie der Nationalwirtschaft. Leipzig 1815. Calligaris, Ludwig: Staatliche Theorie des Geldes. Österreichische

Rundschau, Bd. 8, Heft 80. 1906.

— Staatliche Theorie des Geldes. Münchener allgemeine Zeitung vom 1. Februar 1906, Beilage.

— Bemerkungen zu Knapps Geldtheorie. Bankarchiv, 7. Jahpg. 1908.

— Das Dogma der Metallisten. Bankarchiv, 8. Jahrg. 1909.

— Helfferich über Knapp. Bankarchiv, 10. Jahrg. 1911. Calwer, R.: Die Konjunktur. Berlin 1914/1920.

— Wirtschaftsleben und Steuerpolitik. Berlin 1918.

— 224 —

Cassel, Gustav: Grundriß einer elementaren Preislehre. Zeitschrift für die gesamte Staatswissenschaft. 1899.

— Theoretische Sozialökonomie, in: Lehrbuch der allgemeinen Volkswirtschaftslehre, bearbeitet von Pohle und Cassel, II. Abteilung. Leipzig 1919.

— Deutschlands wirtschaftliche Widerslandskraft. Berlin 1916.

— Zur Frage der Geldentwertung. Bankarchiv, 16. Jahrg., Nr. 1. 1916.

— Dyrtid och Zeddellofverflod. Stockholm 1917.

— Penningvärdets förandringar underkriget. Stockholm 1918.

— Weltwirtschaft und Geldverkehr. Das neue Reich, 7. Heft. Gotha 1920.

Christen, Theodor: Die absolute Währung des Geldes. Denkschrift zu Händen des eidgenössischen Finanzdepartements eingereicht. Bern 1915. -

— Die gegenwärtige Teuerung und das schweizerische National- bankgesetz. Bern 1916.

— Die Kaufkraft des Geldes und ihre Bedeutung für die Volks- wirtschaft. Annalen des Deutschen Reiches. 1915.

— Die Quantitätstheorie des Geldes. München 1916.

— Währung, Zins und Lohn. Annalen des Deutschen Reiches. 1917.

— Nationale Währungspolitik. Bern 1918.

— Die Durchführung der absoluten Währung. Berlin, Leipzig 1918. Collas, Constantin: Der Staatsbankerott und seine Wirkung.

Münchener volkswirtschaftliche Studien, 48. Heft. Stuttgart und Berlin 1904.

Dalberg, Rudolf: Die Entthronung des Goldes. Finanz- und volks- wirtschaftliche Zeitfragen, Herausgegeben von Schanz und Wolf, 30. Heft Stuttgart 1916. -

— Die Entwertung des Geldes, 2. Aufl. Berlin 1919.

— Finanzgesundung aus Währungsnot. Berlin 1920. Denkschrift über wirtschaftliche Maßnahmen aus Anlaß des Krieges.

Berlin 1914. Nachtrag 1 bis 11, 1915-18. Deumer, Robert: Der private Kriegskredit und seine Organisation. München 1916.

— Der Einfluß etwaiger Devalvation auf den Hypothekarkredit. Bankarchiv, 19. Jahrg, Nr. 8. 1920.

Dighl, Karl: Eine neue Theorie des Geldes. Bankarchiv, 5. Jahrg., Nr. 21. 1906.

— Die Entwicklung der Wert- und Preistheorie im 19. Jahrhundert, in: Die Entwicklung der deutschen Volkswirtschaftslehre im 19. Jahrhundert. Gustav Schmoller zur 70. Wiederkehr seines Geburlstages, 24. Juni 1908. 1. Teil, Abhandlung II. Leipzig 1908.

Diehl, Karl: Sozialwissenschaftliche Erläuterungen zu David Ricardos Grundgesetzen der Volkswirtschaft und Besteuerung. Leipzig 1905.

— Über Sozialismus, Kommunismus und Anarchismus. 20 Vor- lesungen, 2. verm. Aufl. Jena 1911.

— Besprechung von Oppenheimer, „Theorie der reinen und politischen Ökonomie". Jahrbücher für Nationalökonomie und Statistik, 3. F., 42. Bd. 1906.

— Deutschland als geschlossener Handelsstaat im Weltkriege. Stuttgart 1916.

— Theoretische Sozialökonomie, Bd. 1. Jena 1916.

— Besprechung von Dalberg, „Die Entwertung des Geldes". Jahr- bücher für Nationalökonomie und Statistik, 3. F., 52. Bd. 1916

— Zur neueren Literatur über die Theorie des Kapitalzinses. Jahrbücher für Nationalökonomie und Statistik, 3. F., 52. Bd. 1916.

— Währungspolitik und Geldtheorie im Lichte des Weltkrieges. Bankarchiv, 16. Jahrg., Nr. 1. 1916.

— Unser Geldwesen nach dem Kriege. Jahrbücher für National- ökonomie und Statistik, 3. F., 52. Bd, 1916.

— Über Fragen des Geldwesens und der Valuta während des Krieges und nach dem Kriege. Jena 1918.

— David Ricardo und der finanzielle Wiederaufbau Englands nach den napoleonischen Kriegen. Bankarchiv, 19. Jahrg., Nr. 9 und 10. 1920.

Diepenhorst F.: Besprechung von Moll, „Die modernenGeldtheorien und die Politik der Reichsbank". Jahrbücher für National- ökonomie und Statistik, 3. F., 57. Bd. 1919.

Dietzel, Heinrich: Die Nationalisierung der Kriegsmilliarden. Tübingen 1919. van Dorp, Elisabeth: Die Bestimmungsgrünce der intervalutarischen Kurse. Weltwirtschaftliches Archiv, 15. Bd. 1919.

Dühring, Eugen: Kursus der National- und Sozialökonomie, 3. Aufi. Leipzig 1892.

Eggenschwyier, W.: Die Kaufkraft des Geldes. Ein Versuch mit untauglichen Mitteln. Archiv für Sozialwissenschaft und Sozial- politik, 36. Bd. 1913."

Elster, Karl: Zur Analyse des Geldproblems. Jahrbücher für National- ökonomie und Statistik, 3. F., 54. Bd. 1917

— Besprechung von Robert Liefmann, „Die Geldvermehrung im Weltkriege und die Beseitigung ihrer Folgen". Jahrbücher für Nationalökonomie und Statistik, 3. F., 56. Bd. 1918.

Döring. 15

— 226 —

Elster, Karl: Besprechung von W. Prion, „Inflation und Geldent- wertung. Finanzielle Maßnahmen zum Abbau der Preise". Jahrbücher für Nationalökonomie und Statistik, 3. F., 59. Bd. 1920.

— Besprechung von Bendixen, „Währungspolitik und Geldtheorie im Lichte des Weltkrieges". Jahrbücher für Nationalökonomie und Statistik, 3. F., 58. Bd. 1919.

Eschwege, Ludwig: Die Nutznießer der Geldverschlechterung. Die

Bank, Nr. 5, 1919. Eßlen, I. B.: Die beabsichtigte Entthronung des Goldes. Schmollers

Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 41. Jahrg. 1917.

— Prof. Dr. R. Liefmann u. Dr. R. Singer. 3 Vorträge zum Geld- und Währungsproblem. Veröffentlichungen des deutschen Wirtschaftsverbandes für Süd- und Mittelamerika, Heft 1. Berlin 1917.

Eulenburg, Franz: Das Geld im Kriege und Deutschlands finanzielle Rüstung. Leipzig 1915.

— Die wissenschaftliche Behandlung der Kriegswirtscnaft. Archiv für Sozialwissenschaft und Sozialpolitik, 44. Bd. 1917/18.

— Zur Theorie der Kriegswirtschaft. Ein Versuch, I. Archiv für Sozialwissenschaft und Sozialpolitik, 43. Bd. 1916/17.

— Zur Theorie der Kriegswirtschaft. II. Inflation. Archiv für Sozialwissenschaft und Sozialpolitik, 45. Bd. 1918/19.

Federn, Walter: Österreich-Ungarns Geld- und Kreditwesen im Kriege. Archiv für Sozialwissenschaft und Sozialpolitik, 40 Bd. 1915/16. 43. Bd. 1916/17.

— Hinauf mit den Bankraten. Eine Entgegnung. Archiv für Sozialwissenschaft und Sozialpolitik, 43. Bd. 1916/17.

— Krieg und Geldiehre. Österreichischer Volkswirt vom 9. Juni 1917. Feuchtwanger, Leo: Die Dariehnskassen des Deutschen Reiches mit Berücksichtigung der entsprechenden Organisationen des Auslandes. Münchener Volkswirtschaftliche Studien, herausge- geben von Lujo Brentano und Walter Lötz. Stuttgart 1918- Fisher, Irving: Die Kaufkraft des Geldes, ihre Bestimmung und ihre Beziehung zu Kredit, Zins und Krisen. Berlin 1916.

— Rate of Interest. New York 1907.

Fischer- Brown: Purchasing power of money. New York 1911.

Frankfurth, Ernst: Aktive Währungspolitik. Eine neue Orientie- rungauf dem Gebiete derNotenemission. Berlin-Lichterfelde 1909.

Frauz, Emil: Die Verfassung der staatlichen Zahlungsmittel Italiens. Abhandlungen aus dem Staatswissenschaftlichen Seminar zu Straßburg. Herausgegeben von G. F. Knapp. Straßburg 1911.

- 227 —

Gelesnoff, W.: Grundzüge der Volkswirtschaftslehre, deutsch von

E. Altschul. Berlin Leipzig 1918. Genzmer, Werner: Kritische Betrachtungen zur nominalistischen

Geldtheorie. Freiburger Dissertation 1917. Gesell, Silvio: Eine mustergültige deutsche Papierwährung als Waffe zur Vernichtung der auf Gold aufgebauten englischen Weltmacht.

Flugblatt Oldenburg Berlin 1914.

— Gold und Frieden. Berlin-Steglitz 1916.

— Die natürliche Wirtschaftsordnung durch Freiland und Freigeld.' Berlin-Steglitz 1916.

— Die Anpassung des Geldes und seine Verwaltung an die Be- dürfnisse des modernen Verkehrs. Buenos-Ayres 1897.

— Die neue Lehre von Geld und Zins. Berlin 1911. Gothein, Eberhard: Krieg und Wirtschaft. Akademische Rede.

Heidelberg 1914.

V. Gottl-Ottlil ienf eis, Friedrich: Der Wertgedanke. Ein verhülltes

Dogma der Nationalökonomie. Jena 1897. Grabowski, A.: Weitpolitik und Finanzpolitik. Berlin 1916. Grundriß der Sozialökonomie, bearb. von S. Altmann, Th. Brinkmann,

K. Bücher u. a. 1. AbtIg. Tübingen 1914. Gruntzel, Josef: Der Geldwert. Finanz- und volkswirtschaftliche

Zeitfragen. Herausg. von Schanz und Wolf. 57. Heft. Stuttgart 191 9.

— Wert und Preis. Eine theoretische Untersuchung nach rea- listischer Methode. München und Leipzig 1914.

Günther, Adolf: Lebenskostung und Lebenshaltung. Schmollers Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 40. Jahrg. 1916.

— Abeitslohn und Unternehmergewinn in der Gegenwart. Schmollers Jahrbuch für Gesetzgebung Verwaltung und Volks- wirtschaft im Deutschen Reiche, 43. Jahrg. 1919.

Gutmann, Franz: Das französische Geldwesen im Kriege. 1870 bis 1878. Abhandlungen aus dem staatswissenschaftlichen Seminar zu Straßburg. Herausgegeben von G. F. Knapp. Straßburg 1913.

Hahn, Albert: Von der Kriegs- zur Friedenswährung. Archiv für Sozial- wissenschaft und Sozialpolitik, 14.Ergänzungsheft. Tübingen 1918.

— Der Gegenstand des Geld- und Kapitalmarktes in der modernen Wirtschaft. Ein Beitrag zur Theorie des Bankgeschäfts, Archiv für Sozialwissenschalt und Sozialpolitik, 46. Bd. 1918/19.

— Volkswirtschattliche Theorie des Ban'kkredits. Tübingen 1920. Hammer, Eduard: Die Hauptprinzipien des Geld- und Währungs- wesens. Wien 1891.

- 228 —

Härtung, Hugo: Die finanzielle Rüstung der kriegführenden Staaten. . Berlin 1914.

Hause r, Richard: Unsere Währung nach dem Kriege. Bankarchiv, 17. Jahrg. 1917.

— Zur Währungsfrage. Bankarchiv, 18.- Jahrg. 1919. Hausmann, W. D.: Goldwahn. Berlin 1911.

— ist der deutsch-englisch,e Krieg eine volkswirtschaftliche Not- wendigkeit? Berlin 1913.

Heiander, Sven: Das Inllationsproblem im Kriege. Jahrbücher für Nationalökonomie und Statistik, 3. F., 50. Bd. 1915.

— Theorie und Politik der Zentralnotenbanken in ihrer Ent- wicklung. 1. Hälfte. Theorie der Zentralisation der Noten- banken. Jena 1916^

Helbing, Philipp: Das Geld und der Krheg. Stuttgart 1915. H elf f er ich, Karl: Die Reform des deutschen Geldwesens nach der Gründung des Deutschen Reiches, 2 Bde. Leipzig 1898.

— Geld und Banken. I. „Das Geld", 1. Auflage. Leipzig 1904. Zweite Auflage 1910. ^

Herzfelder, Edmund: Die volkswirtschaftliche Bilanz und eine neue Theorie der Wechselkurse. Die Theorie der reinen Papierwährung. Berlin 1919.

— Valutapolitik auf neuer Grundlage. Bankarchiv Nr. 8. 19. Jahrg. 1920.

Heyn, Otto: Papierwährung mit Geldreserve für den Auslandsverkehr Berlin 1894.

— Theorie des wirtschaftlichen Werts, I. Berlin 1899.

— Irrtümer auf dem Gebiete des Geldwesens. Berlin 1900.

— Die Wertschätzung bei der Preisbildung. Zeitschrift für die gesamte Staatswissenschaft. 1901.

— Erfordernisse des Geldes. Leipzig 1912.

— Nutzen und Kosten als Ausgangspunkt des menschlichen Wirtschaftens. Zeitschrift für Sozialwissenschaft. 1914.

— Zur Fraoe der Eliminierung des Wertproblems aus der Geld- theorie, Zeitschrift für Sozialwissenschaft. 1913.

— ■ Der Kampf um den Geldwert, Zeitschrift für Sozialwissenschaft.

1913.

— Neuere Untersuchungen über die Wertstabilität des Geldes Zeitschrift .für Sozialwissenschaft. 1913.

— Goldexchange Standard. Bankarchiv, 13. Jahrg., Nr. 14. 1914.

— Nochmals Goldexchange Standard. Bankarchiv, 13. Jahrg., Nr. 18. 1914.

— Valutasorgen. Bankarchiv, 15. Jahrg., Nr. 15. 1915.

— 229 —

Heyn Otto: Der Goldschatz der Reichsbank und seine Bedeutung im Kriege und nach dem Kriege. Zeitschrift für Sozialwissenschaft, N. F., 7. Bd. 1916.

— Zur Verteidigung der Chartaltheorie, Jahrbücher für National- ökonomie und Statistik, 3. F., 51. Bd. 1916.

— Der Kursrückgang der deutschen Wechsel, keine Folge einer Entwertung des deutschen Geldes. Jahrbücher für National- ökonomie und Statistik, 3. F., 51. Bd. 1916.

— Unser Geldwesen nach dem Kriege, Finanz- und volkswirt- schaftliche Zeitfragen. Herausgegeben von Schanz und Wolf, 28. Heft. Stuttgart 1916.

— Die Zukunft unseres Geldwesens. Europäische Staats- und Wirtschaftszeitung vom 31. Juli 1916.

— Goldwährung oder Goldkernwährung. Jahrbücher tür National- ökonomie und Statistik, 3. F., 57. Bd. 1919.

— Probleme des Geldwesens. Weltwirtschaftliches Archiv. 1917.

— Das Geld als Wert- und Preismaß. Bankarchiv, 16. Jahrg., Nr. 18. 1917.

— Zum Inflationsproblem. Weltw'irlschaftliches Archiv. 1917.

— Zur Frage der Wiederherstellung entwerteter Währungen. Weltwirtschaftliches Archiv. 1919.

— Zum Problem der Geldentwertung. Jahrbücher für National- ökonomie und Statistik, 3. F., 58. Bd. 1919.

^ Visserings Währungsreformvorschläge für die internationale Finanzkonferenz. Bankarchiv, 19. Jahrg., Nr. 12/13. 1920.

— Wertbasis und Deckung des Papiergeldes. Bankarchiv, 19. Jahrg., Nr. 18. 1920. .

Hildebrand, Bruno: Die Theorie des Geldes. Jena 1883.

Hildebrand, Richard: Über das Wesen des Geldes. Jena 1914.

Hilferding, Rudolf: Finanzkapital. In: Marxstudien, Blätter zur Theorie und Politik des wissenschaftlichen Sozialismus. Herausgegeben von M. Adler und R. Hilferding. Wien 1910. 2. Aufl. Wien 1920.

Hoff mann, Friedrich: Kritische Dogmengeschichte der Geldwert- theorien. Leipzig 1907.

Hollitscher, I. H.: Die Sozialisierung des Geldes in Deutsch- Österreich, Wien 1919;

Hoppe, Ernst: Der Krieg und die deutsche Geldwirtschaft. Staats- wissenschaftliche Beiträge. Herausgegeben von Professor Dr. Plenge. Heft 2. Essen 1919.

Huber, Fr.: Die Bedeutung der Einlösbarkeit der Banknoten für unsere Währung. Bankarchiv, 12. Jahrg. 1913.

•

— 230 —

Jastrow, J.: Geld und Kredit im Kriege. Jena 1915.

— Die Organisation des Kredits im Kriege. Archiv für Sozial- wissenschaft und Sozialpolitik, 40. Bd. 1915.

— Geld und Kredit. Textbücher über Studien zu Wirtschaft und Staat. 2. Aufl. Berlin 1919.

Jevons Stanley: Money and the mechanism of exchange. London 1902.

III ig, Hermann: Das Geldwesen Frankreichs zur Zeit der ersten Revolution bis zum Ende der Papierwährung. Abhandlungen aus dem Staatswissenschaftlichen Seminar zu Straßburg. Heraus- gegeben von G. t\ Knapp. Straßburg 1914.

Inhülsen, C. H. P.: Goldbestände und Notendeckung. Jahrbücher für Nationalökonomie und Statistik, 3. F., 58. Bd. 1919.

Kaemmerer, Ch.: Metallismus, Knapp und die Reichsbank. Bank- archiv, 13. Jahrg., Nr. 19. 1914. '

— Das Gespenst der Devalvation. Bankarchiv, 18?^ Jahrg., Nr. 19. 1919.

Kann, Herbeit: Gold oder Papier. Ein Beitrag zur Währungsfrage. Kriegshefte aus dem Industriebezirk. Heft 23. Essen 1917.

— International inflatorischer Ausgleich. Die Bank, Heft 5. 1918. KauUa, Rudolf: Geschichtliche Entwicklung der modernen Wert- theorien. Tübingen 1906.

Kautsky, Karl: Sozialdemokratische Bemerkungen zur Übergangs- wirtschaft. Leipzig 1918.

— Die soziale Revolution. 3. Aufl. Berlin 1911. Kellenberger, Eduard: Die Aulhebung der Barzahlung in England

1797 und ihre Folgen. Jahrbücher für Nationalökonomie und

Statistik. 3. F., 51. Bd. 1916. Kemmerer, Edw. Walter: Money and Credit Instruments in their relation to general prices. Second Edition. New York 1909. Knapp, G. F.: Staatliche Theorie des Geldes. 1. Auflage, Leipzig

1905. 2. Auflage 1918.

— Die rechtshistorischen Grundlagen des Geldwesens. Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 29. Bd. 1906.

— Erläuterungen zur staatlichen Theorie des Geldes. Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche". 3L Bd. 1906.

— Die Währungsfrage vom Staate aus betrachtet. Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche. 33. Bd. 1907.

Knapp, G. F.: Die hohen Diskontsätze und^unsere Verfassung des Geldwesens. Bankarchiv, 5. Jahrg., Nr. 4. 1906.

— Die Beziehungen Österreichs zur staatlichen Theorie des Geldes. Zeitschrift für Volkswirtschaft, Sozialpolitik und Ver- waltung, 17. Bd. Wien 1908.

— Artikel „Geldtheorie, staatlliche". Handwörterbuch der Staats- wissenschaften, Bd. 4, 3. Aufl. Jena 1909.

— Über die Theorien des Geldwesens. Jahrbuch für Gesetz- gebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 33. Jahrg. 1909.

Knies, Karl: Geld und Kredit. 1. Abteilung: Das Geld, 1. Aufl.

Berlin 1873. 2. Aufl. 1885. V. Komorzynski, Joh.: Die nationalökonomische Lehre vom Kredit.

Insbruck 1903.

Köppe, H.: Die Kriegsanleihen der europäischen Großmächte, I. II. III. Jahrbücher für Nationalökonomie und Statistik, 3. F., 56., 57., c8. Bd. 1919.

Kovacs, Leopold: Die Unabhängigkeit des Banknotenumlaufs vom Gold. Graz 1916.

Kramarsch, Karel: Das Papiergeld in Österreich seit 1848. Leip- zig 1886.

Landesberg er, Julius: Der Krieg und die Volkswirtschaft. Wien 1915.

— Das Geld- und Kreditwesen im Kriege. Weltwirtschaftliches Archiv, 6. Bd. 1915.

Lansburgh, Alfred: Die Kriegskostendeckung und ihre Quellen Berlin 1916.

— Die Welteigenschaft des Goldes. Die Bank, lO./ll. Heft. 1916.

— Die Wiederherstellung der Landeswährung. Die Bank, lO./ll. Heft. 1918.

-- Das Schicksal der deutschen Währung. Die Bank, 10. Heft. 1919.

— Übergang zur neuen Währung. Die Bank, 3. Heft. 1919.

— Betrachtungen über Vorgänge im deutschen Geldwesen. Die Bank, 8. Heff. 1919.

— Die Bedeutung einer Valutaanleihe. Die Bank, 1. Heft. 1920.

— Die soziale Seite des Geldproblems. Die Bank, 2./3. Heft. 1920. Laughlin, Ja. L.: The Principles of money. New York. 1903. Lexis, Wilhelm: Allgemeine Volkswirtschaftslehre. Leipzig 1910.

.— Die Knappsche Geldtheorie. Jahrbücher für Nationalökonomie und Statistik, 3. F., Bd. 32. 1906.

— Knapps neue Geldtheorie. Jahrbuch für Gesetzgebung, Ver- waltung und Volkswirtschaft im Deutschen Reiche, 30. Jahrg. 1906.

— 232 — .

L ex is, Wilhelm : Artikel „Papiergeld" im Handwörterbuch der Staats- wissenschaften, Bd. 6, 3. Aufl. Jena 1910. Lief mann, Robert: Geld und Gold. Stuttgart und Berlin 1916.

— Die Geldvermehrung im Weltkriege und die Beseitigung ihrer Folgen. Stuttgart und Berlin 1918.

— Grundsätze der Volkswirtschaftslehre, 1. Bd. Stuttgart und Berlin 1917. 2. Bd. 1919.

— Die Kaufkraft des Geldes. Bankarchiv, 15. Jahrg., Nr. 19/20. 1916.

— Über die gegenseitige Abhängigkeit der Goldwährungen. Welt- wirtschaftliches Archiv, 9. Bd. 1917. '

— Die Geldvermehrung im Weltkriege und die Beseitigung ihrer Folgen. Jahrbücher för Nationalökonomie und Statistik, 56. Bd., 3. F. 1918.

Lötz, Walter: Artikel „Geld", Wörterbuch der Volkswirtschaft, Bd. 1, i. Aufl. Jena 1898.

— G. F. Knapps neue Geldtheorie. Jahrbuch für Gesetzgebung, ' Verwaltung und Volkswirtschaft, 30. Jahrg., 3. Heft. 1906.

— Beiträge zur Lehre vom Geld. Bankarchiv, .3. Jahrg., Nr. 1, 4, 5, 9. 1904.

— Das Papiergeld unter besonderer Berücksichtigung der heutigen deutschen Valutafrage, 3 gemeinverständliche v/^orträge. Berlin 1920.

Luxemburg, Rosa: Die Akkumulation des Kapitals. Ein Beitrag zur ökonomischen Erklärung des Imperialismus. Berlin 1913.

Makai, Ernst: Währungsstudien mit besonderer Rücksicht auf Österreich-Ungarn. Finanz- und volkswirtschaftliche Zeit- fragen. Herausgegeben von Schanz und Wolf, 37. Heft. Stutt- gart 1917.

Man es, Alfred: Staatsbankerotte. Wirtschaftliche und rechtliche Be- trachtungen. Berlin 1918.

Mannsteedt, Heinrich: Preisbildung und Preispolitik im Frieden und im Kriege. Vorträge, gehalten in der juristischen Gesellschaft zu Bonn am 23. Februar 1916. Bonn 1916.

Mark, Marcus: Die Valuta ein Weltproblem. Budapest 1894.

— Das Gold nicht mehr Geld. Budapest 1897.

Marx, Karl: Zur Kritik der politischen Oekonomie. Herausgegeben von Kautsky. Stuttgart 1897.

— Das Kapital, Bd. 1—3, 6. Auflage. Hamburg 1909. Mehring, Franz: Karl Marx. Geschichte seines Lebens, 2. Aufl.

Leipzig 1919.

Menger, Karl: Grundsätze der Volkswirtschaftslehre. Wien 1871.

— 2io —

M enger, Karl: Untersuchungen über die Methode der Sozialwissen- schaften u. der politischen Ökonomie insbesondere. Leipzig 1883.

— Artikel „Geld", Handwörterbuch der Staatswissenschaften, 4. Bd , 3. Aufl. Jena 1909.

Meyer, Richard: Zur Frage des qualitativen Unterschiedes zwischen Banknoten und Giroguthaben. Bankarchiv, 19. Jahrg., Nr. 16. 1920.

A'. Mises, Ludwig: Theorie des Geldes und der Umlaufsmittel. Leipzig 1912.

— Das Problem der gesetzlichen Aufnahme der Barzahlungen in Österreich - Ungarn. Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, Bd. 33. 1909.

— Schlußworte gegenüber Walter Federn. Jahrbuch für Gesetz- gebung, Verwaltung "und Volkswirtschaft im Deutschen Reiche,

■ Bd. 34. 1910.

— Die allgemeine Teuerung im Lichte der theoretischen National- ökonomie. Archi\' für Sozialwissenschaft und Sozialpolitik, 37. Bd. 1913.

— Zur Klassifikation der Geldtheorien. Archiv für Sozialwissen- schaft und Sozialpolitik, 44. Bd. 1917.

— Die Quantitätstheorie. Mitteilungen österreichischer Ranken und Bankiers, 1. Jahrg., Nr. 3, 4. 1918.

— Zur Währungsfrage.- Mitteilungen österreichischer Banken und Bankiers, 1. Jahrg., Nr. 5, 6. ' 1918.

— Einstellung der Notenvermehrung oder Devisenordnungen. Mitteilungen des Verbandes österreichischer Banken und Bankiers, 2. Jahrg., Nr. 5, 6. 1919.

— Nation, Staat und Wirtschaft. Wien und Leipzig 1919.

Moll, Bruno: Die theoretischen Probleme des stoffwertlosen Geldes im nationalen und internationalen Wirtschaftsleben. Welt- wirtschafthches Archiv, 3. Bd. 1914.

— Logik des Geldes. München und Leipzig 1916.

— Die modernen Geldtheorien und die Politik der Reichsbank. Finanz- und volkswirtschaftliche Zeitfragen. Herausgegeben von Schanz und" Wolf, 45. Heft. Stuttgart 1917.

— Neuere Urteile über die staatliche Theorie des Geldes. Eine Entgegnung. Schmollers Jahrbuch für Gesetzgebung,- Ver- waltung und Volkswirtschaft im Deutschen Reiche, 41. Jahrg. 1917.

— Der Goldschatz der Reichsbank im Lichte der Geldtheorien. Zeitschrift für Sozialwissenschaft. 1917.

— Staatsbankerott und Währungsbankerott. Zeitschrift für Sozial- wissenschaft, N. F., 10. Jahrg. 1919.

— 234 —

Moll, Bruno: Geldseite und Warenseite. Die Bank, 2. Heft. 1920.

— Besprechung von W. Prion, „Inflation und Geldentwertung". Zeitschrift für Sozialwissenschaft, N. F., 11. Jahrg. 1920.

Müller, Adam: Elemente der Staatskunst. Berlin 1809.

— Versuche einer neuen' Theorie des Geldes mit besonderer Rücksicht auf Großbritannien. Berlin 1816.

Nickel, Karl, Eugen: Besprechung von L. Stephinger, „Wert und Geld". Tübingen 1918. Zeitschrift für die gesamte Staats- wissenschaft, N. F , 10. Jahrg. 1919.

Nübling, Eugen: Hartgeld oder Papier. Eine Antwort auf Knapps Buch über die staatliche Theorie des Geldes. Ulm 1907.

Obst, Georg: Das Bankgeschäft. Leipzig 1914.

— Geld, Bank und Börsenwesen, 10. Aufl. Leipzig 1918. Oppenheim, Samuel: Die Natur des Geldes. Mainz 1855. Oppenheimer, Franz: Theorie der reinen und politischen Ökonomie,

3. Aufl. Berlin 1919.

— Wert und Kapitalprofit. Jena 1916.

. — Die soziale Frage und der Sozialismus, 5.-6. Ts. Jena 1913.

— Kapitalismus - Kommunismus - Wissenschaftlicher Sozialismus. Berlin und Le-ipzig 1919.

— Besprechung von Irving Fisher, „Die Kaufkraft des Geldes". Weltwirtschaftliches Archiv. 1917.

Palyi, Melchior: Die romantische Geldtheorie. Archiv für Sozial- wissenschaft und Sozialpolitik, 42. Bd. 1916/17.

— Besprechung von Moll, „Logik des Geldes". Archiv für Sozial- wissenschaft und Sozialpolitik, 42^ Bd. 1916/17.

— Besprechung von Stephinger, „Wert und Geld". Grundzüge einer Wirtschaftslehre. Tübingen 1918. Zeitschrift für Sozial- wissenschaft, N. F., 10. Jahrg. 1919.

Palyi, Eduard: Der Kommunismus, sein Wesen — sein Ziel — seine Wirtschaft. Herausgegeben und mit einem Nachwort von Ed. Bernstein. Berhn 1919.

Petry, Franz: Der soziale Gehalt der Marxschen Werttheorie. Jena 1916.

V. Philippovich, Eugen: Grundriß der politischen Ökonomie, Bd. 1, 14. Aufl. Tübingen 1919. Desgl. 5. Aufl. Tübingen 1904.

Plaut, Theodor: Kriegsfinanzen und Geldtheorie. Finanzarchiv, 35. Jahrg., 2. Bd. 1918.

Plenge, Joh.: Von der Diskontpolitik zur Herrschaft über den Geld- markt Berlin 1913.

— Der Krieg und die Volkswirtschaft. Kriegsvorträge der Uni- versität Münster, 2. Aufl. Münster 1915.

Pohle, Ludwig: Das Problem der Valutaentvvertung. Vorträge der Gehestiftung, 9. Bd., Heft 5. 1918.

— Geldentwertung und Valutafrage. Zeitschrift für Sozialwissen- schaft, N. F., 11. Jahrg., Heft 1,2, Heft 3/4. 1920.

— Warenpreisstand und Goldvorräte von 1850 bis 1913. Bank- archiv, 18. Jahrg., Nr. 15. 1919.

Pohl. Richard: Der Tiefstand der deutschen Valuta. Bankarchiv,

19. Jahrg. 1901, Nr. 1. 1919. Pribam, Karl: Zur Entwicklung der Lebensmittelpreise in der

Kriegszeit. Archiv für Sozialwissenschaft und Sozialpolitik,

43. Bd , 1916 17.

Prion, W.: Inflation und Geldentwertung. Finanzielle Maßnahmen zum Abbau der Preise. Berlin 1919.

V. Renauld, Jos. Ritter, Edler v. Kellenbach. Die finanzielle Mobil- machung der deutschen Wehrkraft. Leipzig 1901.

Ridgeway, W.: The origin of metallic currency. Cambridge 1892.

Riesser, J.: Finanzielle Kriegsbereitschaft und Kriegsführung, 2. Aufl. Jena 1913.

Roscher, Wilhelm: System der Volkswirtschaftslehre. I. Grundlagen der Nationalökonomie, 23. Aufl., bearbeitet von Rob. Pöhlmann. Stuttgart 1900. III. Nationalökonomie des Handels und Ge- werbefleißes, 8. Aufl., bearbeitet von W. Stieda. Stuttgart 1917.

Rosen bäum, Siegfried: Zur Währungsfrage. Mitteilungen des Ver- bandes österreichischer Banken und Bankiers, 1. Jahrg., Nr. 5, 6. 1918.

Rühe, Fritz: Das Geldwesen Spaniens seit dem. Jahre 1772. Ab- handlungen aus dem staatswissenschaftlichen Seminar zu Straß- burg. Herausgegeben von G. F. Knapp. Siraßburg 1912.

Ruppel, W. : Kleine Reichsbanknoten. Leipzig 1908

Schaefer, C. A.: Die legale Devalvation. Schmolleis Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 43. Jahrg. 1919.

Schinckel, Max: Unsere Geldwirtschaft vorher, jetzt und nachher. Bankarchiv, 14. Jahrg., Nr. 15. 1915.

— Diehl contra Bendixen. Bankarchiv, 16 Jahrg., Nr. 2. 1916. Schinkowski, W.: Über Kriegs- und Notgeld in alter und neuer

Zeit. Jahrbücher für Nationalökonomie und Statistik, 3. F., 53. Bd. J917.

Schlesinger, Karl: Theorie der Geld- und Kreditwirtschaft. München und Leipzig 1914.

— Die Veränderungen des Geldwertes im Kriege. Wien 1916.

— 236 —

Schmidt, Alfred: Zur Verteidigung der Chartaltheorie des Geldes. Jahrbücher für Nationalökonomie und Statistik, 52. Bd., 3. F. 1916.

— Neuere Urteile über die staatliche Theorie des Geldes.. Schmollers Jahrbücher für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 41 .'Jahrg. 1917.

— Besprechung von Bendixen, „Das Wesen des Geldes". Schmollers Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 43. Jahrg. 1919.

Schmidt, Ferdinand: Die Beherrschung der Wechselkurse. Welt- wirtschaftliches Archiv, 13. Bd. 1918. ~ Die Wechselkurse und ihre Beherrschung während des Welt- krieges und der Übergangszeit. Weltwirtschaftliches Archiv, 14. Bd. 1919.

Schmidt, Georg: Kredit und Zins. Leipzig 1908.

Schmoller, Gustav: An Georg Friedrich Knapp zum 70. Geburts- tag. Schmollers Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 36. Jahrg. 1912.

— Grundriß der allgemeinen Volkswirtschaftslehre, 2 Bde., 11. und

12. Ts. München und Leipzig 1919.

Schnitze, E.: Die Kriegssteuern der Vereinigten Staaten im Bürger- krieg und im jetzigen Krieg. Zeitschrift für Sozialwissenschaft, N. F., 9. 1918.

Schumacher, Hermann: Die deutsche Geldverfassung und ihre Reform. Jahrbuch für Gesetzgebung, Verwaltung und Volks- wirtschaft im Deutschen Reiche, 32. Jahrg. 1908.

— Die Ursachen der Geli^krise. Dresden 1908. Schumpeter, Josef: Das Wesen und derHauptinhalt der theoretischen

Nationalökonomie. Leipzig 1908.

— Objekt und Grundbegriffe der theoretischen Nationalökonomie. Leipzig 1911.

— Theorie der wirtschaftlichen Entwicklung. Leipzig 1912.

— Das Sozialprodukt und die Rechenpfennige. Archiv für Sozial- wissenschaft und Sozialpolitik, 44. Bd. 1917/18.

— Die Krise des Steuerstaates. Leipzig 1918.

Schwarz, O.: Devalvationssorgen. Bankarchiv, 19. Jahrg., Nr. 16. 1920.

— Inflation. Bankarchiv, 19. Jahrg., Nr. 10. 1920. Schwarzwald^ Hermann: Goldwährung ohne Gold. Bankarchiv,

13. Jahrg., Nr. 16. 1914.

Sering, Max: Die deutsche Volkswirtschaft während des Krieges 1914—1915. Sitzungsberichte der Königlich Preußischen Akademie der Wissenschaften, XXXI. Berlin 1915.

S i m m e 1 , Georg: Philosophie^des Geldes, 1 . Aufl. Leipz. 1900. 2. Aufl. 1907.

Soda, Kiichiro: Die neue Knappsche Geldtheorie und das Wesen des Geldes. Jahrbücher für Nationalökonomie und Statistik, 34. Bd., 3. F. 1907.

— Geld und Wert. Tübingen 1909.

Solvay, Ernest: Gesellschaftlicher Comptabilismus. Brüssel 1897.

— La Monnaie et le Compte. Brüssel 1899.

Somary, F.: Besprechung von L. v.Mises, „Theorie des Geldes und der Umlaufsmittel". Schmallers Jahrbuch für Gesetzgebung, Ver- waltung und Volkswirtschaft im Deutschen Reiche, 37. Jahrg. 1913.

Sombart, Werner: Sozialismus und soziale Bewegung. 8. Aufl. Jena 1919.

— Die deutsche Volkswirtschaft im 19. Jahrhundert, 3. Aufl. Berlin 1913.

Spann, Othmar: Theorie der Preisverschiebung. Wien 1913.

— Bemerkungen zu Fishers Geldlehre. Schmollers Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 41. Jahrg. 1917.

Spiethoff, Arthur: Die Quantitätstheorie insbesondere in ihrer Ver- wendbarkeit als Haussetheorie. Festgaben für Adolf Wagner zur 70. Wiederkehr seines Geburtstags. Leipzig 1505.

— Lehre vom Kapital. In: Entwicklung der deutschen Votks- wirtschaftsleHre im 19. Jahrhundert. Schmollers Festgabe, 1. Bd. Leipzig 1908.

Stammler, Rudolf: Wirtschaft und Recht nach der materialistischen

Geschichtsauffassung, 3. Aufl. Berlin 1914. Steinberg, Jul.: Geld und. Kredit im Kriege. Bonn 1915. Stephinger, Ludwig: Die Geldlehre Adam Müllers. Tübingen 1909.

— Wert und Geld. Grundzüge einer Wirtschaftslehre. Tübingen 1918.

— Volkswirtschaftliche Theorie des Geldes. Zeitschrift für die gesamte Staatswissenschaft, 7. Bd. 1911.

Ströll, Moritz: Über das deutsche Geldwesen im Kriegsfall. Jahr- buch für Gesetzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche. 23. Jahrg. 1899.

Stuart, Verryn, C. A.: Die Goldfrage. Zeitschrift für Sozialwissen- schaff, N. F., 10. Jahrg. 1919.

TerTialle, Fritz: Währung und Valuta. Jena 1919.

— Teuerung und zusätzliche Kaufkraft. Zeitschrift für Sozial- wissenschaft, N. F., 10. Jahrg. 1919.

^ Freie oder gebundene Preisbildung. Jena 1920. T h i e s i n g : Kleinge-ldmangel, Kriegsnotgeld und Rechtsordnung. Bank- archiv, 16. Jahrg., Nr. 16. 1917.

— 238 —

Tooke, Th.: An Inquiry into the Currency Principle. London 1844.

Tooke, Th. und Neumarch, W.: Die Geschichte und Bestimmung der Preise während der Jahre 1793—1857. Deutsch von C. W. Asher. Dresden 1858/59.

Trumpler, H : Einige Bemerkungen über die Ursachen der Inflation. Bankarchiv, 18. Jahrg., Nr. 4. 1918.

Vissering, G.: Niederländisch Ostindien und der Goldexchange Standard. (Goldkernwährung.) Schmollers Jahrbuch für Ge- setzgebung, Verwaltung und Volkswirtschaft im Deutschen Reiche, 41. Jahrg. 1917.

Voigt, Andreas: Die staatliche Theorie des Geldes. Zeitschrift für die gesamte Staatswissenschaft, 62. Jahrg. 1906.

— Besprechung von Cassel, „Thearetische Sozialökonomik". Zeit- schrift für Sozialwissenschaft, N. F., 10. Jahrg. 1919.

Wagner, Adolph: Beiträge zur Lehre von den Banken. Leipzig 1857.

— Die Geld- und Kredittheorie der Peelschen Bankakte. Wien 1862.

— Russische Papierwährung. Riga 1868.

— Theorethische Sozialökonomik, Bd. 1. Leipzig 1909.

— Sozialökonomische Theorie des Geldes und Geldwesens. Leipzig 1909. In : Theoretische Sozialökonomik, Bd. 2. Leip- zig 1909.

Walras, Leon: Theorie de la monnaie. Lausanne 1884.

Walsh, Corea M.: The fundamental principle in monetary Science.

New York 1903. Weber, Adolf: Die Geldqualität der Banknote. Leipzig 1900. Weill, Karl: Notenumlauf und Preisbewegung. Bankarchiv, 16. Jahrg.,

Nr. 12. 1917.

— Betrachtungen zum Devalvationsproblem. Bankarchiv, 19. Jahrg., Nr. 15. 1920.

— Zum Problem der Devalvation. Bankarchiv, 19. Jahrg., Nr. 4. 1919.

Weiß: Die moderne Tendenz in der Lehre vom Geld. Zeit- schrift für Volkswirtschaft, Sozialpolitik und Verwaltung, 19. Bd. Wien 1910.

Wey ermann, M. R.: Volksvermögen und Staatskredit im Krieg und Frieden, hinanz- und volkswirtschaftliche Zeitfragen. Heraus- gegeben von Schanz und Wolf, 47. Heft. Stuttgart 1918.

— Besprechung von R. Liefmann, „Grundsätze der Volkswirt- schaftslehre", Bd. 1. Jahrbücher für Nationalökonomie und Statistik, .57. Bd., 3. F. 1919.

Wickseil, Knut: Der Bankzins als Regulator der Warenpreise. Jahr- bücher für Nationalökonomie und Statistik, 13. Bd., 3. F. 1897.

— 239 —

Wiek seil, Knut; Geldzins und Güterpreise. Jena 1898.

— Hinauf mit den Bankraten! Archiv für Sozialwissenschaft und Sozialpolitik, 41. Bd. 1916.

— Replik. Archiv für Sozialwissenschaft und Sozialpolitik, 42. Bd. 1916 17.

V. Wieser, Frhr. Friedrich: Der natürliche Wert. Wien 1889.

— Über Ursprung und Haupfgesetze des wirtschaftlichen Wertes. Wien 1884.

— Der Geldwert und seine geschichtlichen Veränderungen. Zeit- schrift für Volkswirtschaft, Sozialpolitik und Verwaltung, Bd. 13. 1904.'

— Der Geldwert und seine Veränderungen. Schriften des Vereins für Sozialpolitik, Bd. 132. Leipzig 1910.

— Theorie der gesellschaftlichen Wirtschaft. In: Grundriß der Sozialökonomik, Bd. 1. Tübingen 1914.

Wolf, Julius: Nationalökonomie als exakte Wissenschaft. Leipzig 1908.

— Die Krieosrechnung. Berlin 1914.

Zellinger, Walter; Die Bilanz der internationalen Wertübertragungen.

Weltwirtschaftliches Archiv, 3. Bd. 1914. Zuckerkandl, Robert: Zur Theorie des Preises mit besonderer

BerücksichtigunJ der geschichtlichen Entwicklung der Lehre.

Leipzig 1889.

V. Zwiedineck-Südenhorst, Otto: Kritisches und Positives zur Preislehre. Zeitschrift für die gesamte Staatswissenschaft, 65. Jahrg. 1909.

— Die Einkomm,ens:estaltung als Geldwertbestimmungsgrund. Jahrbuch für Gesetzgebung, Verwaltung und Volkswirtscha*ft im Deutschen Reiche, 33. Bd. 1909.

— Besprechung von R. Liefmann, „Geld und Gold". Zeitschrift für die gesamte Staatswissenschaft, 74. Jahrg. 1919.

http://www.jstor.org/stable/23822213?seq=1#page_scan_tab_contents

Metallgeld oder Zeichengeld. Erörterungen zur „Staatlichen Theorie des Geldes" unter besonderer Berücksichtigung des Geldwertproblems F Neumark, C Lederer - 1923 - JSTOR

* [C] Das Geldschöpfungsproblem WG Behrens - 1928 - Fischer Zitiert von: 19 Ähnliche Artikel Mehr

[C] Die Entwicklung des Chartalismus bei den Nachfolgern GF Knapps H Reif - 1922

Keynes, J. M. 1914a. “Theorie des Geldes und der Umlaufsmittel. by Ludwig von Mises; Geld und Kapital. by Friedrich Bendixen” (review), Economic Journal 24.95 (Sep.): 417–419.

Keynes, J. M. 1914b. “What is Money? by A. Mitchell Innes” (review), Economic Journal 24.95 (Sep.): 419–421.

De Cecco. https://books.google.de/books?id=zSZyQ9TzqQ0C&lpg=PA1&ots=o0d0ReEDs9&dq=the%20political%20element%20in%20monetary%20theory%20de%20cecco&hl= de&pg=PA55#v=onepage&q&f=false

Karimzadi, https://books.google.de/books?id=tciEjhOzAN0C&pg=PA143&lpg=PA143&dq=keynes+knapp&source=bl&ots=YlAEtd749k&sig=qnNQ78hX2E0PizfRoxANXndc3E4&hl=d e&sa=X&ved=0ahUKEwi_qZ-4tNXZAhVFZVAKHV4qCkAQ6AEIcjAJ#v=onepage&q=keynes%20knapp&f=false

9/22/16

wray from state theory of money to mmt , 2014