Gresham's law

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English

Etymology

Named in 1858 by Henry Dunning Macleod, after Sir Thomas Gresham (1519–1579), English financier during the Tudor dynasty.

Proper noun

Gresham's law

  1. An economic principle stating that, when a government overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation; or "bad money drives out good".
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