* Hence, policy interventions aiming to spur economic activity should work better if they inject money into the system at the lower end, rather than from the to

* Hence, policy interventions aiming to spur economic activity should work better if they inject money into the system at the lower end, rather than from the top.* Cantillon effects: In Essai, Cantillon provided an advanced version of John Locke's quantity theory of money, focusing on relative inflation and the velocity of money.[61] Cantillon suggested that inflation occurs gradually and that the new supply of money has a localised effect on inflation, effectively originating the concept of non-neutral money.[62] Furthermore, he posited that the original recipients of new money enjoy higher standards of living at the expense of later recipients.[63] https://en.wikipedia.org/wiki/Richard_Cantillon#Monetary_theory https://en.wikipedia.org/wiki/Richard_Cantillon#Monetary_the... Right now, banks and then gov't are the first recipients of new money being injected into the system a la central banking. Wealth distribution schemes implemented through fiscal policy (taxes and tax credits/grants/UBI) can be undermined through monetary policy this way.