Gresham's law
Monetary principle
Gresham's law
In economics, Gresham's law, also Gresham-Copernicus Law (after Nicolaus Copernicus) is a monetary principle stating that "bad money drives out good". For example, if there are two coins in circulation containing metal of different value, which are accepted by law as having similar face value, the more valuable coin based on the inherent value of its component metals will gradually disappear from circulation. The law was named in 1857 by economist Henry Dunning Macleod after Sir Thomas Gresham, an English financier during the Tudor dynasty. Gresham had urged Queen Elizabeth to restore confidence in the debased English currency. The concept was thoroughly defined in Renaissance Europe by Prussian polymath Nicolaus Copernicus and known centuries earlier in classical Antiquity, the Near East and China.
Read on Wikipedia · Image Antonis Mor, Public domain
Open boosters, collect cards and trade them. Free to play.
Play for free