One of the mysteries of the English language finally explained.
The tendency for money of lower intrinsic value to circulate more freely than money of higher intrinsic and equal nominal value (often expressed as ‘Bad money drives out good’).
- ‘If the price set on these alternatives happened to be too high, as often occurred, Gresham's law would apply.’
- ‘There is a Gresham's law of culture as well as of money: the bad drives out the good, unless the good is defended.’
- ‘A final and vital flaw in a market-basket dollar is that Gresham's law would result in perpetual shortages and surpluses of different commodities within the market basket.’
- ‘The remedy was to implement a de jure gold standard so as to free England from the effects of Gresham's law and to keep token silver coins in circulation.’
- ‘As a result, the dollar must decline. The result of a declining dollar is logically a move towards other currencies which in itself is a form of Gresham's law.’
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