Thomas Gresham own house in Bishopsgate Street and the rents from the Royal Exchange should be vested in the Corporation of London and the Mercers Company, for the purpose of instituting a college in which seven professors should read lectures, one each day of the week, in astronomy, geometry, physic, law, divinity, rhetoric and music. Thus, Gresham College, the first institution of higher learning in London, came to be established in 1597. Gresham's Law (stated simply as: "Bad money drives out good") takes its name from him (although others, including the astronomer Nicolaus Copernicus, had recognised the concept for years) because he
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