To say hello, of course. Puppies are social creatures and happy and excited to greet just about anyone! Jumping, leaping and bouncing are ways your dog shows affection and receives attention. When a puppy is very young, we usually sit on the floor, let them wiggle into our laps and allow them to lick and nuzzle up close to our face. This is OK because we are down at their level.
I remember going to a dog park where a little 4-month-old Boxer puppy ran around jumping on everyone. The dog was not heavy enough to knock most of the adults down. However, it left everyone with muddy pants and the dog was big enough to knock over small children. The owner did nothing to stop the jumping puppy. After all, it was just a small pup. Everyone around her was pretty annoyed at the muddy prints the dog was leaving all over their clothes. That is an owner who will have a problem with her dog jumping on people when it gets older.
If a dog is stressed or afraid, their demeanor and typical behaviors will change. If you see this in your dog (or really any dog you know) you should step back and check on your dog. Are they hurt? Did a new dog come around they don’t know? Has the weather changed? Is it hot outside? When was the last time they had a chance to go outside to pee or poop? 
When a dog jumps on a human of its own free will, it is not "greeting" the human, it is asserting its dominance over the human; it is the dog communicating that it is alpha and/or wishes to own/control the human. A subordinate would never dream of running over and jumping on the alpha dog of the pack. Space is respect and lower members of the pack respect the higher members. If your dog jumps on humans, it does not respect them. Note: when a young puppy jumps on humans it is sometimes its attempt to reach one's face. Puppies need to be taught not to jump up on humans as this behavior will manifest into other meanings as the puppy grows up into an adult dog.
Paying attention to a dog only when all four paws are on the floor can work well, if jumping isn’t well entrenched and if everybody who deals with the dog follows the rules. Unfortunately, much of humanity will get busy undermining you. “I don’t mind your puppy jumping up,” they say, while you tear your hair out. Or they get all disciplinarian, maybe kneeing the dog in the chest. That is not only mean but counterproductive, because dogs often respond by trying to appease. Since humans are usually taller than dogs, reaching our muzzles to lick them involves jumping up.
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