Salvaging Gresham's law: the good, the bad, and the illegal. From: Journal of Money, Credit & Banking | Date: November 1, 1996| Author: Selgin, George | COPYRIGHT 1996 Ohio State University Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

Contrary to the claims of Arthur Rolnick and Warren Weber, Gresham's Law is not a "fallacy." Nor does it rest on the unrealistic assumption of an operational fixed (disequilibrium) exchange rate between two economically distinct monies. Here I interpret Gresham's Law as a result of coercive legal tender laws aimed at discouraging agents from discriminating among alternative monies. Such laws can systematically drive "good" money out of circulation by placing buyers and sellers in a Prisoner's...

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