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Elly Knapp was the daughter of the renowned economist Georg Friedrich Knapp (1842–1926), the founder of the chartalist school of monetary theory, who taught at the University of Strasbourg.
He studied monetary theory at the Graduate School of Harvard University from 1928 to 1932, afterwards moving to California's Big Sur, settling on a cattle ranch which later became Julia Pfeiffer Burns State Park.
Grice-Hutchinson, Marjorie, The School of Salamanca: Readings in Spanish Monetary Theory, 1544 - 1605.