A note from Daniel

Gresham's law is the economic principle that bad money will always drive out good money. In practice, this means that if legal coins have a varying metal value, people will tend to spend the cheaper ones and hoard the more valuable ones. In historical situations in which Gresham's law was observed,

Daniel The Great Mental Models, Volume 4, page 169 · December 29, 2024 Save to shelf
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