Gresham's law India. Gresham's law states that any circulating currency consisting of both "good" and "bad" money (both forms required to be accepted at equal value under legal tender law) quickly becomes dominated by the "bad" money. This is because people spending money will hand over the "bad" coins rather than the "good" ones, keeping the "good" ones for themselves. Legal tender laws act as a form of price control. In such a case, the intrinsically less valuable money is preferred in exchange, because people prefer to save the intrinsically more valuable money. Consider a customer purchasing an item which costs five
The Most Good You Can Do Law School professor Eric Posner reviewed the book for "Slate Magazine", concluding: "So what’s an effective altruist to do? The utilitarian imperative to search out and help the people with the highest marginal utility of money around the world is in conflict with our limited knowledge about foreign cultures, which makes it difficult for us to figure out what the worst-off people really need.* For this reason, donations to Little League and other local institutions you are familiar with may not be a bad idea. The most good you can do may turn out to be—not much." Posner wrote a