Some people don't seem to understand the notion that gradual sustained inflation is beneficial to the economy, since every time I've seen someone respond to Lief's argument they act like you're supporting hyperinflationary policies.
The truth is that the link is between unexpected increases in inflation and lower unemployment. The problem is that exploiting this link drives up inflation expectations to a point where you simply end up with high inflation and unemployment. So the long-term relationship between unemployment and inflation is probably weakly positive. This is what Friedman proved back in the late 60s and is rather old news in economics. Pushing the idea that unemployment can be tackled by increasing inflation is sort of like believing in Newtonian physics.
