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.
in the context of a tyrant (Philip III) contaminating the money supply with copper: good money leaves and bad money comes in to replace it.
Irrespective of Gresham's Law
, the Second Law of Thermodynamics, that "heat can't pass from a cooler to a hotter," has prevailed.
Such a system would be immune to Gresham's law
and would not involve the "high cost of exchange" that Selgin imagines, if "shopkeepers in the u.
has to do with the nature of currency, and the common formula for it is that "bad money drives out good.
states that bad money drives out good money.
Thus, the famous British upper-class snobbery combined with Gresham's Law
to help produce an acute shortage of small coins in an economy desperate for them.
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.
This Economic Commentary examines the history and the economic foundations of Gresham's law
and identifies two explanations for the law.
The hazards can be illustrated by applying Gresham's Law
It's Sir Thomas Gresham's law
at work: The bad drives out the good.
Kraus is not the only author to whom one might apply Zohn's saddened question, 'Is there a Gresham's Law
of translation by which bad translations drive out the good ones?
asserts that "bad money drives good money out of circulation.