Economics, Econometrics and Finance
3 years ago

Money as a legal claim on goods and services: Lansburgh's Token Theory

European Journal of the History of Economic Thought
Money is a right: Alfred Lansburgh’s Token Theory of Money
Jan Greitens

Paper Summary

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Alfred Lansburgh believed that money is a right and developed a Token Theory of Money during the Weimar Republic in Germany. He saw money as a legal claim on goods and services, combining this idea with a belief in gold money. Lansburgh's theory warned of potential misuse of money. Despite being misunderstood in his time, he was actually a passionate advocate for token money, similar to Joseph Schumpeter.