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Bad money drives out good |
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Bad money drives out good. Prov. If there is counterfeit or inflated currency in circulation, people will hoard their genuine currency; worthless things will drive valuable things out of circulation. (This principle is also known as Gresham's Law.) When the government reduced the amount of copper in the pennies it produced, we saw that bad money drives out good; everyone saved copper pennies and only spent the less pure ones. Ever since cheap, flimsy furniture began to be manufactured in large quantities, it has been very difficult to find solid, well-made furniture. Bad craftsmanship, like bad money, drives out good. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In economics, this law teaches that bad money drives out good. It was thought competition between the two currencies could lead to Gresham's Law that bad money drives out good, as in the sterling-dollar experience, and greater exchange-rate volatility. |
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