@freakazoid So, dynamics can turn up in various forms. I've tried (unsuccessfully) to catalogue the in the past.

There's fiat or imposed value, as with coin. Also with transjurisdictional standards, such as divorce law and shipping registries ("flags of convenience"). Whatever the *minimum* acceptable *somewhere* is, is acceptable *everywhere*.

There's effective perceived value -- Mencken's "Brayard", or consumer technologies, or bicycles.

@o @woozle


@freakazoid The problem here applies if the tailoring is expensive, *or* results in a high price. Either the good isn't sold (because it's perceived as having limited utility) or it's bought but value isn't delivered. Something of a debatable inclusion in the dynamic, but at least similar.

There are a whole set of signalling mechanisms -- shibboleths, cultural myths, and fads, which emerge from a Gresham's dynamic.

@o @woozle


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