ABSTRACT
Julius Augustus Fritz Schmidt’s early professional life is instructive. Schmidt’s work introduced ideas not held by many of his contemporaries in the German Betriebswirtschaftslehre. A considerable portion of his work contrasts with the ideas of some of the contemporary European theorists - this point was overlooked by Edwards and Bell, but noted in the more recent evaluations of Schmidt. Schmidt’s accounting was proposed as a means that would be for the good of the economy; in contrast the French did not, in the main, allude to macro considerations. Schmidt’s first publications deal predominantly with questions of the stock exchange and banking system. Of particular importance for the academic development of Schmidt are his research activities in the field of bank management and banking operations - of payment transactions. In Organic Current Value Accounting, he extracts a relation between the values of the firm based on an analysis of the economy.
