In a manner of speaking. If the number of dollars increases at the rate of economic increase, the value of each dollar stays exactly the same (and helps protect

In a manner of speaking. If the number of dollars increases at the rate of economic increase, the value of each dollar stays exactly the same (and helps protect against deflation). It's a smaller fraction of the pie (economy), but the pie is now larger. Of course, one may argue that printing any new money is a source of seigniorage income. Sometimes that income flows directly to the government, but usually it gets into the banking system first and foremost.