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Old 11-14-2017, 12:18 AM
ebacon's Avatar
ebacon ebacon is offline
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Welfare and Policy

Today I had a fleeting thought about the word welfare. My constitutional law professor had to spend a precious part of a period explaining that welfare in the legal context means the well being of a constituency as opposed to free money, which is what most of us students understood welfare to be.

Then my mind wandered back to undergrad macroeconomics with its variables of money supply and prices.

Then my mind wandered back to an internet discussion of what kinds of foods American welfare recipients are accused of wasting their money on.

At that point I hit a seed of a question. Is it possible that agricultural societies can tolerate more free money than industrial societies? My thinking is that in agricultural societies the free money will land in the laps of farmers. Supposing that their standard of living is on par with their consumers, e.g. less of keeping up with the Jones, then the farmers can reduce demand on free money by employing the people that need it.

Contrast that with how an industrial society uses free money. In an industrial society the free money lands in the laps of the machine owners which increasingly, perhaps to a limit, are investors. Since investors are in competition with each other they might well be increasing the demand on free money. Or no?

This is a topic that I would like to model but I do not know how to keep my bias out of it. I would just end up creating a spreadsheet that shows I am right.
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Old 11-14-2017, 07:04 AM
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donquixote99 donquixote99 is offline
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Since investors are in competition with each other they might well be increasing the demand on free money.
Don't follow you there. Not sure in what way or ways investors compete with each other, so I definitely can't see how they affect demand for free money.
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