The main objective of this article is to show inconsistency between (monetary) inflation policy as interpreted in the theory of the so-called Austrian school of economics and most popular in public debate doctrines of social justice (classical free-market liberalism, conservatism and social democracy/egalitarianism). Moreover, we take a look at the statement of welfare economics and its Pareto-efficiency rule. First, we briefly describe our scientific area, which is ethics of economics. Next there are succinctly shown views on social justice of John Rawls, Russell Kirk and Friedrich August von Hayek (and Jorg Guido Hulsmann), and Pareto-efficiency rule as well. Then we present Austrian interpretation of expansive monetary policy as dynamic process in which some people take a profit and the others lose. At the end we compare it with postulates of mentioned doctrines. We recognize our thesis as confirmed.