The Austrians are 'crazy' when they inexorably link inflation to the supply of money growing faster than the demand for money, but when someone quotes Friedman on inflation, to wit: "Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output," heads nod, and no one calls anyone crazy.

The difference between the two views is little more than semantics.