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Definition of Gresham's law
1. Noun. (economics) the principle that when two kinds of money having the same denominational value are in circulation the intrinsically more valuable money will be hoarded and the money of lower intrinsic value will circulate more freely until the intrinsically more valuable money is driven out of circulation; bad money drives out good; credited to Sir Thomas Gresham.
Category relationships: Economic Science, Economics, Political Economy
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Literary usage of Gresham's law
Below you will find example usage of this term as found in modern and/or classical literature:
1. British Labor Conditions and Legislation During the War by Matthew Brown Hammond (1919)
"Gresham.s law of money circulation, 83, 85. Guyot, Yves, 89. ... 85; Gresham.s law
of circulation. 83; reason for failure to circulate freely. 85. ..."
2. The Principles of Money by James Laurence Laughlin (1903)
"Under the normal action of Gresham,s Law, the depreciated paper of the national
government invaded the state and became a menace to all creditors who had ..."
3. Economics: An Account of the Relations Between Private Property and Public by Arthur Twining Hadley (1896)
"... of the English-speaking world by Sir Thomas Gresham, Chancellor of the Exchequer
under Elizabeth, and is commonly referred to as Gresham s Law. ยง 213. ..."
4. Chamber's Encyclopaedia: A Dictionary of Universal Knowledge (1888)
"... and is the counterpart of Gresham s Law in the present controversy. If, then,
the possibility of international bimetallism on a conventional basis is ..."
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