Professor Alan Renwick:

I am not sure. It depends on whether their production changes from it. If one simply moves some money from those receiving €400 to those receiving €100 and the production of those with €100 does not change, one is clearly not getting value in terms of that output. One might be helping their income and their income will also lead to a multiplier effect in the economy but one will not be having these impacts on output. What we need to know is whether the person getting €100 is thinking if he has €200 now and changes the system will he get more. One would then have more understanding of the overall impact on output. If it is simply an income shift with no consummate change in output, one is unlikely to have that gain.