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| Gresh·am's law [ gréshəmz làw ] or Gresh·am's the·o·rem |
noun |
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| Definition: |
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theory that bad money replaces good: the theory that bad money drives good money out of circulation because a currency of lower intrinsic value will be used while one of higher intrinsic value will be hoarded
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| [Mid-19th century. After Sir Thomas Gresham (1519?-1579), founder of the Royal Exchange in London, England] |
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