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Original poster

When people talk about the cost of

32 replies

Connect3 · 19/05/2023 14:26

Things like the Coronation, Royal funeral or Royal wedding, don't they realise most of that has gone in wages/labour to (fairly) ordinary people?

Yes, it's a hugely expensive number and hard to justify but it's money that's gone to pay police and security, the Armed forces, caterers, drivers, dress designers, travel providers etc etc all of whom then spend that in shops and other businesses.

I'm not particularly a Royal fan, but I don't object to big events that support the economy.

OP posts:
ChiefWiggumsBoy · 19/05/2023 16:20

I agree. I'm fairly indifferent when it comes to the RF, but I object less to 'events' like this being paid for than for 'expenses' being paid to politicians (yes I know the two in amounts don't compare, but still)

NeedToThinkOfOne · 19/05/2023 16:23

SisterWivesrus · 19/05/2023 15:32

It's people who don't understand how economics and policies work.

They think it's like a household budget where if you save in one area you have that money to spene on a different area.

This.

Original poster
Connect3 · 19/05/2023 16:30

mast0650 · 19/05/2023 16:04

Yes, but in the long run you really need the project to be something useful. You can pay money for people to make daisy chains, or do handstands, or do absolutely nothing at all and in the short run you will stimulate demand (and hence grow the economy if there is spare capacity to produce more goods and services). But in the long run (and sooner rather than later if you overdo it) then you will most likely only get inflation. If you think big parties are the most useful way to stimulate the economy in the short run, then so be it. I happen to think there are more useful ways. Building roads is quite different as it is an investment that increases the long run productive capacity of the economy, as well as providing short run demand stimulation.

I didn't say they were the most useful, I specifically said they're not the only answer, but they do help.

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The royal family
mast0650 · 19/05/2023 16:33

I didn't say they were the most useful, I specifically said they're not the only answer, but they do help.

They wouldn't help if they take those people in limited supply (eg the police) away from doing something more useful. I'm not saying this is overwhelmingly the case here. But you have to think about supply (the productive capacity of the economy) not just demand.

Original poster
Connect3 · 19/05/2023 16:41

mast0650 · 19/05/2023 16:04

Yes, but in the long run you really need the project to be something useful. You can pay money for people to make daisy chains, or do handstands, or do absolutely nothing at all and in the short run you will stimulate demand (and hence grow the economy if there is spare capacity to produce more goods and services). But in the long run (and sooner rather than later if you overdo it) then you will most likely only get inflation. If you think big parties are the most useful way to stimulate the economy in the short run, then so be it. I happen to think there are more useful ways. Building roads is quite different as it is an investment that increases the long run productive capacity of the economy, as well as providing short run demand stimulation.

In High Wycombe there are caves that were dug just to provide work and current thinking is that the Pyamids weren't built by slaves, but by paid agricultural workers who needed work in the winters.

OP posts:
Aria999 · 19/05/2023 16:45

Yes. If you have surplus productive capacity then anything (not actually harmful) that you do with it is helpful to the economy.

But if the people doing the work would have been in demand anyway and could have been doing something more useful, then by choosing to spend the money on the coronation the decision maker has decided that's a better use of resources than the alternatives.

(As pp said depends if the actual current economic problem is caused by demand or supply issues)

mast0650 · 19/05/2023 16:47

In High Wycombe there are caves that were dug just to provide work and current thinking is that the Pyamids weren't built by slaves, but by paid agricultural workers who needed work in the winters.

Just because it was done in the past, doesn't mean it was a good thing!

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