Outside megadonors are sending us back our money

Outside megadonors are sending us back our money

Economists talk about “new money” and “old money,” but not always in the sense of old, like longtime rich families, or new, like tech startup multi-millionaires. Old money can refer to dollars earned in a state that stay and circulate in that state, like plumbers who provide services to people in town and then spend their earnings at stores in town, while new money refers to dollars brought into the state.