Sean Corrigan: “Despite two centuries of learned refutation, that particular breed of inflationism known as the ‘Real Bills Doctrine’ has re-emerged once more to confound the unsuspecting layman. However, in its latest champion’s eagerness to rebut his critics, he has unwittingly served only to emphasize the crucial importance of savings and capital accumulation to the greater division of labour and to the material advance of mankind which it brings.” See his Mises Institute Working Paper, “The Unreal Bills Doctrine.” And discuss on the Austrian Forum.