Everybody knows that Lord Keynes favored an inflationary monetary policy. He thought that expanding the money was a way that the business cycle could be bypassed, by making booms perpetual. Of course, Austrian business cycle theory teaches us that this policy won’t work and, if continued, will result in hyperinflation, destroying the use of money completely. Keynes also had an inflationist view of history, according to which the general trend of prices tends to be upward in the long run. He thought this would lead to progress, for reasons different from his business cycle theory. Ludwig von Mises criticized Keynes’s arguments for this view, and I’d like to discuss these arguments in this week’s column.