You have an important point here, but I’m not sure it gets up to “vast majority” before it becomes relevant.
Earmarking $K for X has an effect once $K exceeds the amount of money that would have been spent on X if the $K had not been earmarked. The size of the effect still certainly depends on the difference, and may very well not be large.
You have an important point here, but I’m not sure it gets up to “vast majority” before it becomes relevant.
Earmarking $K for X has an effect once $K exceeds the amount of money that would have been spent on X if the $K had not been earmarked. The size of the effect still certainly depends on the difference, and may very well not be large.