Hot take on economics 

Hot take on economics 

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Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

Hot take on economics 

@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

1/

@freakazoid I think that's most of the cases I've encountered.

A fun little exercise is running the query "a gresham's law of" or "a kind of gresham's law" in Google Books and seeing what turns up.

Examples: Divorce law, shipping regulations, environmental regulations, morals / ethics, neighbourhoods, legal citations, academia, students. It's a diverse and interesting list.

@o @woozle

7/end/

@dredmorbius @woozle @o I suspect all of those are based on the pop phrasing of the law, "Bad X drives out good." But AFAICT all of the actual literature of the law is specific not just to money but to money that people are prohibited from discounting.

I saw this in India, where people who still had prohibited coins or bills would try to pass them off every chance they got.

@freakazoid Also, trying to dispose of prohibited (or counterfeit, or altered) bills, etc., isn't the original notion of GL, where an *officially sanctioned* debased currency drives out bad.

It's effectively fraud -- *attempting* to pass a *substandard* token as a *standard* one. Rather than having *standard* tokens of differing intrinsic value (usually: specie content) valued identically by official sanction.

Which gets us to the notion of seignorage...

(Ask if you want.)

@o @woozle

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