Hayek vs Schultze: Inflation without money increase

F. A. Hayek, in How to deal with inflation:

I have no doubt that inflation is caused solely by an undue increase in the quantity of money and that it can be and must be prevented under the prevailing arrangements only by the restriction of the basic money supplied by the central bank.

 

Charles L. Schultze, in Recent Inflation in the United States:

Prices and wages have a dual nature when considered in the aggregate: they are costs to buyers and incomes to sellers. Thus an increase in the general level of prices does not automatically mean a reduction in the quantity of goods and services demanded as it normally would in the case of a single commodity.