Word: gresham
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...form of Gresham's Law, bad planning by government drives out good planning by private people. No detailed plan emanating from a computer bank in some bureaucracy could ever store the information necessary to tell the would-be entrepreneur to open a new corner carry-out or Revlon to launch a new Charlie. No plan could foresee the economic effects of the overnight success of some new Xerox or IBM. Modern industrialized economics are far too complex to permit a rigid master plan. The state can provide its fallible view of future economic developments, but the best planning is still...
Thus the administration of the foreign aid program was left just as it was: beset and beleaguered, and known largely for its failures. Those failures are well publicized: some ill-advised projects and scattered cases of misuse of funds by corrupt recipients. In an odd Gresham's Law, the bad news about foreign aid seems to drive out the good-and there is a lot of good news. Foreign aid has contributed to the rise of a series of economically free and prosperous "ADCS," or advanced developing countries, including South Korea, Singapore, Taiwan, Malaysia and Thailand. U.S. assistance...
...PRACTICE. According to Sidney Roberts, a New York tax lawyer, there is a "Gresham's law of tax practice" in which daring practitioners drive out the more conservative ones. The reason is obvious: clients want to pay as little as possible to the tax collector without actually breaking the law. Although most lawyers deny it, some firms charge clients a percentage of taxes saved. Boston's Hale and Dorr, having saved a client $4.5 million in taxes, submitted a bill for $760,000 for 2,000 hours' work ?a cool $380 an hour. A court upheld the bill...