This question has so many facets that I don't think just one post can cover the various aspects that could be discussed.
One thought is that when money (or capital) was an object, was in the depression. What did we see then? Tillie for example was forced to dial way back on new architecture projects and try to stay alive by working for peanuts for the PGA, touring and consulting on existing courses, filing reports on their design, and recommendations for improvements.
ONe thing that tells me is that "some" courses still sought out help or upgrade, or just consulting; thus had "some" money to spend. Maybe the money was more scarce, but what they had turned to improvements. Remodelling and improvement is a form of architecture. Thus, a restorative, conservationist form of architecture is practiced when money is 'the object'.
Another thought is to take elements from Mike Moores quote of Marx about commodities. I'm way over my head in any economic discussion. But, the words seem to suggest to me that golf can become a commodity, where it starts out as common place (played free on common links) for not too much expenditure for ball and equipment. (Well, that may be relative, in that even featheries and a few clubs must have cost a lot to common folk - maybe they shared equipment)
Then, as the game got popular, it got more precious and particular on the grounds that it would be played on. More money or capital would be needed to design-construct golf courses. Thus a market in this commodity is born. The cost had to be recovered, thus greens fees, and club dues. The more folk that sought out this form of pleasurable exercise and recreation, the more precious and important it got. They began to want very well designed fields of play, and the more well designed, the more cost, the more dues, the more fees.
Then the commodity gets into rarified air. The wealthy take hold of the game, covet it, and boost the fees to astronomical heights. Money becomes "the" object. Enormous capital is spent to acquire, design-build, and maintain. Now, the commodity becomes a rare commodity. Wealthy folk who find that 'money' is "no" object, collect golf club memberships, and participate in design committees as a form of one-up society.
This all produces expensive new ideas. Some of those grandiose ideas are crap, some are great. Wealth and money move the ball forward in GCA to some extent, while making it grotesque on other fronts. Now, it gets down to taste and decorum.
Yet, the other side of the "money" is an object, is like was noted above. Necessity is the Mother of invention. And, when there is scarcity, true artists and craftsmen, step-up. Golf continues to be a commodity, because of its desirable effects and popularity with all cross sections of people. They even build golf courses when money was scarce in the depression. In Milwaukee, the long lasting Socialist local government leadership decided to apply an already visionary acquisition of recreational parks land begun many years before the depression, to the WPA work crew efforts and build a couple of fine golf courses for the people, even though no one had any money and was an object. Golf was apparently viewed as a commodity to be used to the better good of pleasure and recreation to a down trodden and impoverished people, with hope and confidence that when things got better and people again had money, that golf would be even more popular and useful. So, even in scarcity, Golf was viewed as necessary, and worth it to build and design it.
It would be interesting to see if some of the great archies, had their best design ideas when money was scarce.