constant inflation being harmful,
which everyone including Keynes agreed on
doesn't mean they thought a permanently deflationary conditions was preferable.
alternating between inflationary and deflationary is normal market dynamics
Discussion
to continue
Mises specifically argued against the sloppy definition of inflation as a simple increase in money supply.
he said if we are to use the term *at all* it should be used as increase in money OVER the demand for money.
in other words, according to Mises, increasing the money supply in line with the demand for money
isn't inflation at all.
The classic definition is better, because it is measurable, objective.
The new definition and all its variants is relative and makes intertemporal comparisons very difficult.
referring to any increase in the money supply as "inflation" is pop economics.
its a convenient shorthand, i do it too
but as Mises points out, its vague and non-technical.