This definition of metallism given by Knapp is by no means a clear one. It should be pretty well known that there can hardly have been a single writer worth mentioning who has thought of the unit of value as consisting of a quantity of metal. But it must be remembered that, with the exception of the nominalists, there has never been a school so easily satisfied in the interpretation of the concept of value as that of Knapp, for whom the unit of value "is nothing but the unit in which the amount of payments is expressed."


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