Word: gresham
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...must import large quantities of machinery and other producers' goods, they have chronic balance-of-payments difficulties and will demand more and more credit in the form of SDR's. For exactly the same reason they lack large reserves of dollars and particularly of gold. Fearing the operation of Gresham's Law (that the best currency drives out all others as a store of value) with gold being the most highly-prized form of reserves, they will press for the mandatory use of SDR's, with all other reserves being converted into SDR's at the then current rates...
...what of "reading" books? Here it seems that the most depressing of all laws-Gresham's, that bad money drives out the good-applies as mercilessly to good books as it does to funny money. The man who has sold the most novels is Erie Stanley Gardner-159 million copies of 125 titles. At least he is a highly competent mystery craftsman. The author who has sold the most in single-copy titles is the semiliterate fantasist of violence and squalor, Mickey Spillane, who has written seven novels that have never sold less than 4,000,000 copies apiece...
Ritchard G. Cable of Rochester, N.Y. (Mathematics); David L. Engel of Dayton, O. (Economics); Alan N. Granger of Berkley, Mich. (History and Literature); John A. Gresham of Mt. Lebanon, Pa. (Social Relations); Albert J. Hudspeth of Houston, Tex. (Biochemistry); Bruce R. Leslie of Brooklyn, N.Y. (Biology); G.W. Schaumburg Jr. of Provo, Utah (Applied Mathematics); Allen Trasher of Norfolk, Va. (Sanskrit); Ronald L. Trosper of Milwaukee, Wisc. (Social Studies); Pieter M. Visscher of Minneapolis, Minn. (Physics) and David A. Wendt of Haddonfield, N.J. (Social Studies...
Saudek's solution is the development of public, or educational, television, which he hopes could "throw Gresham's law into reverse" with the good programs driving the bad programs...
...Britain, Ashby said, universities operate on Gresham's Law--that bad money drives out good money, or that university education for the masses drives down the quality of the academic degree. This English "elitist" philosophy was transferred to African universities when they were established in the 1950's, Ashby said, and the effects of elitism are still felt...