Gresham's law the creditor must accept such money at face value. Nobel Prize winner Robert Mundell believes that Gresham's Law could be more accurately rendered, taking care of the reverse, if it were expressed as "Bad money drives out good "if they exchange for the same price"." The reverse of Gresham's Law, that good money drives out bad money whenever the bad money becomes nearly worthless, has been named "Thiers' law" by economist Peter Bernholz in honor of French politician and historian Adolphe Thiers. "Thiers' Law will only operate later [in the inflation] when the increase of the new flexible exchange rate
Hard cases make bad law Oliver Wendell Holmes Jr. Its validity has since been questioned and dissenting variations include the phrase "Bad law makes hard cases", and even its opposite, "Hard cases make good law". The maxim dates at least to 1837, when a judge, ruling in favor of a parent against the maintenance of her children, said, "We have heard that hard cases make bad law." The judge's wording suggests that the phrase was not new then. Oliver Wendell Holmes Jr. made a utilitarian argument for this in his judgment of "Northern Securities Co. v. United States" (1904): Holmes's dissenting opinion in the case,