From this we can infer that what causes general rise in prices is increases in the money stock. Inflation is seen by most individuals as bad news. For, it is seen as undermining people's living standards through the erosion of real incomes. For if inflation is a general rise in prices then we must conclude that a rise in prices undermines people's living standards. Careful analysis of this issue will show that a rise in prices doesn't as such undermine people's living standards.
Prices are the manifestation of people's valuation of goods in terms of money.
The act of valuing however, cannot alter these goods. Consequently, a rise in prices cannot erode people's living standards and therefore cannot be regarded as inflation. It is simply increases in the money stock which causes consumption without production and thus a general rise in prices. Inflation therefore, is increases in the money stock which as a rule tends to manifest by a general rise in prices. Once increases in money are regarded as inflation then the damage that inflation inflicts becomes apparent.