History of economic thought until the 20th century. In 1516 English humanist Sir Thomas More (1478–1535) published "Utopia", which describes an ideal society where land is owned in common and there is universal education and religious tolerance, inspiring the English Poor Laws (1587) and the communism-socialism movement. In 1517 Polish astronomer Nicolaus Copernicus (1473–1543) published the first known argument for the quantity theory of money. In 1519 he also published the first known form of Gresham's Law: "Bad money drives out good". In 1568 Jean Bodin (1530–1596) of France published "Reply to Malestroit", containing the first known analysis of inflation, which he claimed was
Gresham's law for its bullion value, money that is considered to be "good" tends to leave an economy through international trade. International traders are not bound by legal tender laws as citizens of the issuing country are, so they will offer higher value for good coins than bad ones. The good coins may leave their country of origin to become part of international trade, escaping that country's legal tender laws and leaving the "bad" money behind. This occurred in Britain during the period of the gold standard. The law was named after Sir Thomas Gresham, a sixteenth-century financial agent of the English