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Gresham's Law
Bad drive out good money. One of the oldest law in economics, named after Sir Thomas Gresham, Advisor to Queen Elizabeth I from the United Kingdom. He observed that when the currency was debased and introduced new ones to replace it, the new will hoard and effectively taken out of circulation, while the old one will continue to be used for the transaction, to be got rid of as quickly as possible.
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- Part of Speech: noun
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- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
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