A job should be a learning experience just as much as college. By frequent switching you learn a variety of skills and ways of doing things.
During your first few months on a new job, you have to absorb a lot of information in a short time. This is a plus if you value learning.
I have always got far bigger "raises" by switching jobs than I got for working for a company for a long time. Admittedly, I haven't worked for many
companies for more than a year. A couple of times, I switched because of the amount of my raise and got a much better salary at the new employer.
Job shopping teaches you the art or resume writing and interview techniques.
That said, if you are truly happy with your work I wouldn't jump for a small increase.
There are a lot of benefits to job shopping to offset some employers seeing a job shopper as a liability.