Quotes About Gresham's Law

it's true what they sang in that song, that video killed the radio star-how in the long war between the senses, the eye, in its unstoppable scorched-earth campaign, has mobilized a kind of technologi­cal Gresham's Law against radio, and has almost entirely sidelined it;

Science arouses a soaring sense of wonder. But so does pseudoscience. Sparse and poor popularizations of science abandon ecological niches that pseudoscience promptly fills. If it were widely understood that claims to knowledge require adequate evidence before they can be accepted, there would be no room for pseudoscience. But a kind of Gresham's Law prevails in popular culture by which bad science drives out good.

A kind of intellectual Gresham's Law is gathering momentum: where once the rule was "bad money drives out good," we now live in an age where misinformation pushes aside knowledge.

When a country has substituted credit money or fiat money for metallic money, because the legal equating of the over-issued paper and the metallic money sets in motion the mechanism described by Gresham's Law, it is often asserted that the balance of payments determines the rate of exchange. But this also is a quite inadequate explanation. The rate of exchange is determined by the purchasing power possessed by a unit of each kind of money.

At any rate, the correct version of Gresham's law is simply an application of the theory of price control causing shortages to money, with the two moneys operating side-by-side.