In the Daily Bell’s recent interview, Dr. Antal Fekete: Blowing Up Modern Austrian Economics … in a Good Way, Professor Antal E. Fekete addresses the foundational economic work and understanding of “Real Bill” money by Carl Menger. Reviewing this subject, may be a new experience for most and for mainline economists a topic that is problematic. How is it possible for central banks to use the argument of real bills, when modern academics differ with the mechanics of their cherished monetary theory?
Investopedia defines the Real Bills Doctrine accordingly. Continue reading “Carl Menger and the Real Bills Doctrine”