Gresham's law the building of the Temple from the Bible and the Mishna in tractate Bava Metzia () from the Talmud. Ibn Taimiyyah (1263–1328) described the phenomenon as follows: In an influential theoretical article, Rolnick and Weber (1986) argued that bad money would drive good money to a premium, rather than driving it out of circulation. However, their research did not take into account the context in which Gresham had made his observation. Rolnick and Weber ignored the influence of legal tender legislation, which requires people to accept both good and bad money as if they were of equal value. They also
Economic secession The exchange of goods and money creates the flow of energy within an economic system. "In society, initially innovation drives the changes and innovation creates the building blocks which allow the next stages of social and economic development." If individuals or companies decrease their spending on innovation, the energy into the economic system will decline. Economic secession withdraws capital that leads to innovation and economic prosperity in society. Economic secession Economic secession has been variously defined by sources. In its narrowest sense, it is abstention from the state’s economic system – for instance by replacing the use of government money