Among the articles in this volume are Germania illustrata, gold standard,
Gresham's Law, hair, harbor crane, global health culture, hero and heroine, history of philosophy, Holy Roman Empire (of the German Nation), humanism, hydraulic engineers, and imperial constitution.
Thus, what we see today on the internet is a kind of
Gresham's law writ global as bad ideas and fake news drive away the good, reliable ones via e-mail, Facebook, Twitter, Instagram, and search engines like Google.
Gresham's Law, based on the 18th Century observation that debased currency drives out the good, is now evident in the realm of information, with fake news crowding out real news.
Subramanyan said that the
Gresham's law in economics, which says that bad money drives good money out of circulation, is also applicable in the bilateral economic engagement in the sense that progress in bilateral economic relations at times get smarred by certain challenges.
In the subsequent decade, gold soared from $35 to above $800 an ounce, a perfect vindication of
Gresham's law - bad money drives out good.
The fact that the coin:silver exchange rate was only nominally fixed renders inapplicable "
Gresham's law" as usually quoted, because the converse is true (good money expels bad) "under a floating exchange rate" (p.
What we need now is a primer on the major misconceptions in the hope that, unlike
Gresham's Law, which says that bad money drives out good money, good economics will drive out bad economics.
As is always the case with a legally fixed bimetallic monetary standard, the operation of
Gresham's Law (5) ensured that, as soon as the current market price ratio of silver to gold deviated significantly from the legally fixed mint ratio, one metal would "chase" the other out of circulation.
Perhaps most astounding, however, Sancho's phrase appears to reference what in the field of economics has come to be known as
Gresham's law.
Gresham's law states that when an exchange rate is compulsory, bad (overvalued) money replaces good (undervalued) money, a phenomenon that early modern economists like Oresme and Mariana perceived in the tendency of precious metals to get hoarded away or else exported out of a country in which their market value was repressed by laws artificially sustaining a debased currency.
Indeed, contrary to
Gresham's Law, it seems quite likely that the premium "green" currencies currently emerging in the Kyoto compliance markets will lead to tighter rules ,and higher compliance standards for future carbon markets at international, regional, and national levels.
I have mused also whether a
Gresham's Law operates in culture, viz., that "bad culture drives out good culture." What I see is that with connection to the World, people become more diffident in enjoying their local pleasures, and much less willing to share pleasures with their neighbors.