The economic contribution of his essay is that it represents the thesis advanced by German economist Georg Friedrich Knapp in The State Theory of Money (1924), an expose advocating the Chartalist approach to monetary theory claiming that money must have no intrinsic value and strictly be used as tokens issued by the government, or fiat money.

FORBES: Bitcoin Obliterates 'The State Theory Of Money'

In the neo-chartalist view of the world, fiscal policy comes to resemble monetary policy.

ECONOMIST: Heterodox economics

If you can imagine fiscal policymakers in Congress allowing the economy to be run in such a way, then you too can be a neo-chartalist.

ECONOMIST: Heterodox economics