Uses and Abuses of Gresham's Law in the History of Money.¶
Mundell, R. A. (1998). Uses and Abuses of Gresham's Law in the History of Money. Zagreb Journal of Economics, 2(2), 3-38.
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Primes¶
- Gresham's Law
- Gresham's law, classically stated, holds that when two monies are legally compelled to circulate at the same nominal value but have different intrinsic worth, the overvalued (cheaper) money drives the undervalued (more valuable) money out of circulation.
This sourceStates Gresham's law precisely — under enforced legal parity, overvalued money drives undervalued money from circulation — and corrects common misstatements of the qualifier.
- Gresham's law, classically stated, holds that when two monies are legally compelled to circulate at the same nominal value but have different intrinsic worth, the overvalued (cheaper) money drives the undervalued (more valuable) money out of circulation.
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