"For economists of the Austrian school, the monetary policy objective of price stability is a recipe for bringing about disastrous results, namely recurrent economic crises, which in turn ultimately lead to a destruction of economic and political freedom. With price stability having become so widely favored, it is important to outline the Austrian School's thinking in some more detail.
Impossibility of Money Stability
The starting point for Austrian economists is the observation that human action in a free society is characterized by ongoing, perpetual change. In a market economy, people continually choose among alternatives, leading to ever-changing valuations of goods and services bought and sold. Searching for absolute stability of vendible items' exchange ratios would therefore be an erroneous and futile undertaking. This insight applies also to the exchange ratio of money.
Money is a means of exchange. As such it is subject to peoples' actions and valuations in the same way that all other economic goods and services are. As a result, money's subjective and objective exchange values continually fluctuate, and there is no such a thing as the stability of the exchange ratio of money vis-à-vis other goods and services; in a free-market economy there aren't fixed exchange ratios.
What about economic calculation, for which money is an indispensable tool? Before governments took full control of monetary affairs, agents in free markets had decided to use precious and relatively scarce commodities — such as gold and silver — as media of exchange. Their quantities in circulation tended to change relatively slowly and predictably over time."
https://www.mises.org/library/fateful-wish-price-stability
Impossibility of Money Stability
The starting point for Austrian economists is the observation that human action in a free society is characterized by ongoing, perpetual change. In a market economy, people continually choose among alternatives, leading to ever-changing valuations of goods and services bought and sold. Searching for absolute stability of vendible items' exchange ratios would therefore be an erroneous and futile undertaking. This insight applies also to the exchange ratio of money.
Money is a means of exchange. As such it is subject to peoples' actions and valuations in the same way that all other economic goods and services are. As a result, money's subjective and objective exchange values continually fluctuate, and there is no such a thing as the stability of the exchange ratio of money vis-à-vis other goods and services; in a free-market economy there aren't fixed exchange ratios.
What about economic calculation, for which money is an indispensable tool? Before governments took full control of monetary affairs, agents in free markets had decided to use precious and relatively scarce commodities — such as gold and silver — as media of exchange. Their quantities in circulation tended to change relatively slowly and predictably over time."
https://www.mises.org/library/fateful-wish-price-stability