In a recent email, Sean Corrigan highlighted the following excerpt from Ludwig M. Lachmann‘s essay Austrian Economics in the Age of the Neo-Ricardian Counterrevolution. It was written in 1976.
The best opportunity for the rehabilitation of Austrian economics today is, I regret to say, to be sought in the permanent inflation the Western world has suffered since the Second World War. This is certainly not the fault of Austrian economists; there has been no lack of warnings from their side.
We live in a world in which prices can only rise and never fall, because the public has come to believe that a widespread fall of money wage rates in the face of a falling demand for goods and services would be intolerable. A world, however, in which all relative price adjustments have to be made against a background of continuously rising money prices and wages is one in which money is no longer a store of value: it can only depreciate, never appreciate. The process of inflation must accelerate once everybody understands what is happening.
Faced with this situation neoclassical economists, on the whole, have (predictably?) behaved badly. Some have distinguished between cost-push and demand-pull inflations as though we were dealing with a succession of historical processes of inflation and not one indivisible process. Some would have us believe that there is a choice between a little more unemployment and a little more inflation. The facts of the inflation now accelerating all over the Western world speak for themselves, though the econometricians may not understand the language. A mind for which the economic world is a complex system of given variables seems quite unable to grasp a kaleidic world. The facts of a world of accelerating inflation elude it.
Some neoclassical economists have shown themselves to be rather uninhibited inflationists. According to Kenneth J. Arrow:
The rates of inflation with which we have had to contend impose no insuperable problem or even major difficulty to the operation of the economic system, nothing comparable to the major depressions of the past. Individuals will learn and have learned to deal with inflation making their plans to take expected inflation into account. The economic system and the government will create and are creating methods of mitigating the effects . . . . Some analysts feel that inflation will inevitably accelerate, but others will note that in the past peacetime inflation has tapered off.
Second, we may have some reasonable hope that economic research and experimentation in policymaking, between them, will evolve more sophisticated means of managing the overall economy.
Solow expressed an even more striking view:
In a monetary economy, it is natural to amend the definition of a steady state to require a constant rate of inflation; since everything else is growing exponentially, the price level ought to be no exception. 
Neo-Ricardians have been far more cautious about inflation. Hayek and Joan Robinson not merely agreed on the substance of the matter but actually, though no doubt unwittingly, used the same metaphor:
An inflationary economy is in the situation of a man holding a tiger by the tail.
Faced with this terrible but challenging situation Austrian economists today have a triple duty. They must tell the public that:
1. The real cause of the accelerating inflation lies in a change in the social climate that, engineered by the left intelligentsia, took place about a half-century ago and resulted in a taboo on downward adjustments of money wage rates.
2. A market economy requires a money that can serve as a store of value, a money in terms of which prices are as likely to fall as they may be to rise. (An absolutely stable price level is impossible.) No such money exists today.
3. None of the nostrums peddled by economists in many countries today involving price and wage controls will work, and they may well paralyze the market process.
 Kenneth J. Arrow, “Capitalism, for Better or Worse,” in Capitalism: the Moving Target, ed. Leonard Silk (New York: Quadrangle, 1974), pp. 105–113.
 Robert M. Solow, Growth Theory: An Exposition (Oxford: Oxford University Press, 1970), p. 66.
 Joan Robinson, Economic Heresies (London: Macmillan & Co., 1971), p. 95; Friedrich A. Hayek, A Tiger by the Tail, ed. Sudha R. Shenoy, Institute of Economic Affairs, Hobart Paper 4 (London, 1972), p. 112.