Philipp Bagus on the Flaws in the “Real Bills” Doctrine

Mises Institute

Dr. Philipp Bagus explains the main ideas from his new book, Full Reserve Banking versus the Real Bills Doctrine, which defends Misesian business cycle theory from a recent critique. Bagus provides an in-depth criticism of the Real Bills Doctrine, emphasizing the importance of real savings in economic stability. He defends full reserve banking and critiques fractional reserve systems for creating money without real economic backing, leading to inflation and business cycles. Full Reserve Banking versus the Real Bills Doctrine: https://Mises.org/HAP469a Bob’s Study Guide to The Theory of Money and Credit: https://Mises.org/HAP469b Philipp Bagus, “Entrepreneurial Error Does Not Equal Market Failure” https://Mises.org/HAP469c