yes, but you're ignoring the fact that increasing the money supply can actually cause growth. If there is a widget manufacturer that makes excellent widgets but no one has money to buy them, then he stops making them and there is a decrease in the total amount of goods. But if you print money and hand it out, giving people the means to buy the widgets, the widget manufacturer continues or even increases now due to the new demand. Of course if he doesn't increase his widget manufacturing, widget prices will just increase as circulated money increases, but growth in goods can and does often increase to meet new money. Printing money doesn't necessarily cause price increases if the # of goods are increased to match the new money.