Gresham's law of news. Gregory Bateson postulated an analogue to Gresham's Law operating in cultural evolution, in which "the oversimplified ideas will always displace the sophisticated and the vulgar and hateful will always displace the beautiful. And yet the beautiful persists." Gresham's law has been cited as "Silver currency will inevitably force gold currency out of circulation" (L. Pyenson, Servants of Nature (W.W. Norton, 1999) p. 21); this suggests a fundamental misinterpretation, cf. Mundell (above). Gresham's law In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money
Say's law real shocks cause recessions and that the market responds efficiently to these real economic shocks. Paul Krugman dismisses Say's law as, "at best, a useless tautology when individuals have the option of accumulating money rather than purchasing real goods and services". It is not easy to say what exactly Say's law says about the role of money apart from the claim that recession is not caused by lack of money. The phrase "products are paid for with products" is taken to mean that Say has a barter model of money; contrast with circuitist and post-Keynesian monetary theory. One can read