For example, what are we now to think about the application of "Gresham's law
" to Chinese parallel bimetallism?
Associations of Gresham's law
are more appropriate for the story I will tell about Turkey.
By the early 1850s, Gresham's Law
was in action again, owing to the California gold bonanza.
Sancho's pun in reference to the Micomicon episode thus amounts to an allegory of Gresham's law
. (14) Given that he plans to export metaphorical "black money" from Micomicon to Spain, where he will exchange it for more valuable silver and gold, which he will pocket, thereby taking it out of circulation, Sancho's fantasy corresponds to the disappearance of silver and gold in a country with a weak currency.
As a result of these greening pressures, the Kyoto carbon markets have not operated in accordance with Gresham's Law
. If anything, the reverse appears to be happening, as premium green currencies are emerging alongside and, in some instances, driving out cheaper, standard currencies--something that has never happened in other regulatory environmental markets.
Irrespective of Gresham's Law
, the Second Law of Thermodynamics, that "heat can't pass from a cooler to a hotter," has prevailed.
The gold standard is not the best foundation for the challenge because it was the result of bimetallism and Gresham's Law
. Neither advocates of 100 percent reserve banking nor free banking envision their systems as based on bimetallism, wherein government fixes a rigid exchange ratio between two metal monies.
, thankfully, doesn't work in the universe of eating out.
He seems also to have imagined that a general indiscriminate literacy would be compatible with keeping up something like the proportion that he saw existing between good literature and bad; and here the great and good old man ran hard aground on Gresham's law
The reason for that is a favorite of economics professors: Gresham's Law
. The government's official rate for silver was well below the market price for the metal elsewhere in Europe, so silver flowed out of the country.
A variant of Gresham's law
applies: just as bad money drives out good, less desirable businesses keep more desirable businesses away.
It is quite possible that increased reader interaction and vastly diminished control over creation of content will require increased vigilance to ensure the marketplace of ideas is not subjected to Gresham's Law
("Bad money drives out good money"), and that editorial pages will position themselves to take advantage of pillar of free speech defenses; i.e., proving truth or substantial truth of content; establishing that statements are pure opinion, or otherwise convincing courts that imaginative expression, exaggeration, humor, and non-literal commentary are not actionable; proving that the plaintiff is libel-proof and incapable of suffering harm from mere words; or as a last resort, being amenable to publishing retractions.
"Because of limited label space and limited time for busy consumers to make their decisions, when government continually mandates requirements for signs and labels that generate large fines for noncompliance, we have the labeling equivalent of Gresham's Law
: Bad information drives out the good," FMI president and c.e.o.
In our law schools today, there is at work a version of Gresham's Law
: bad natural rights teachings have all but forced out good natural rights teachings.