Another example is major infrastructural projects that benefit the broader community but are detrimental to local residents (the costs being measured in terms of well-being, not money: no one wants to live next to an airport or a highway).
Once again, these tensions are ordinarily resolved by compensating the people who must bear the costs of the project with additional distributional interventions (for instance, by building schools and amenities to accompany roads or airports). Why should the distributional spillovers of monetary policy be treated differently? 23  Acemoglu and Robinson (2000), Rajan (2010), Ostry et al. (2014).