stylistic:style_transfer, quality:corruption, information:filtering
Before 1900: Early contributions

During the 19th century, a main rival of the quantity theory was the real bills doctrine, which says that the issue of money does not raise prices, as long as the new money is issued in exchange for assets of sufficient value. According to proponents of the real bills doctrine, money supply responded passively in response to money demand. Consequently, there could be no causal influence from money to prices; conversely, the connection ran in the opposite direction: Money demand was determined by income and prices, which were affected by inflation, caused by various real (i.e., non-monetary) reasons.