(Uses and Abuses of Gresham"s Law in the History of Money
Introduction
1. Early Expressions
2. Faulty Renderings
3. Good Money Drives out Bad?
4. Cheap Drives out Dear if They Exchange for the Same Price
5. The Replacement of Gold by Credit or Paper Money
6. The Theory of the Breaking Point
7. Richard"s Ransom
8. The Great Recoinage
9. Gresham"s Law Under Bimetallism
10. Overvalued Money and the Institution of Legal Tender
11. The Evidence of Hoards
12. Conclusions
Paper prepared for publication in the Zagreb Journal of Economics, Volume 2, No. 2, 1998.
The economist H. D. Macleod, writing in 1858, first brought attention to the law that he named after Sir Thomas Gresham:
No sooner had Queen Elizabeth ascended the throne, than she turn免费论文网 【http://www.51lunwen.net】ed her attention to the state of the currency, being moved thereto by the illustrious Gresham, who has the great merit of being as far as we can discover, the first who discerned the great fundamental law of the currency, that good and bad money cannot circulate together. The fact had been repeatedly observed before, as we have seen, but no one, that we are aware, had discovered the necessary relation between the facts, before Sir Thomas Gresham.
This passage errs in two points: Gresham was not the first to make explicit the idea we now know as "Gresham"s Law," and the assertion that "good and bad money cannot circulate together" is a glaring error. It is a far cry from Gresham"s Law. That Macleod was careless about his statement of the law he named after Gresham serves as a&n
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