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Good Money Drives out Bad? The Theory of the Breaking Point 7. Gresham's Law Under Bimetallism Overvalued Money and the Institution of Legal Tender The Evidence of Hoards Macleod, writing infirst brought attention to the law that he named after Sir Thomas Gresham: No sooner had Queen Elizabeth ascended the throne, than she turned her attention to the state of the currency, being moved thereto by the illustrious Gresham, who has the great merit of being as far as we can discover, the first who discerned the great fundamental law of the currency, that good and bad money cannot circulate together.
The fact had been repeatedly observed before, as we have seen, but no one, that we are aware, had discovered the necessary relation between the facts, before Sir Thomas Gresham.
This passage errs in two points: Gresham was not the first to make explicit the idea we now know as "Gresham's Law," and the assertion that "good and bad money cannot circulate together" is a glaring error.
It is a far cry from Gresham's Law.
That Macleod was careless about his statement of the law he named after Gresham serves as a warning that the ideas involved are more subtle than at first appears. We can begin this discussion of Gresham's law by outlining some of the highlights of its history.
Twenty centuries before Sir Thomas Gresham was born, the elegaic poet, Theognis, born in Megara near Athens, writing in the late 6th and early 5th century BC, wrote some lines suggesting Gresham's Law.
Theognis has been described as "an eloquent and strongly biased witness of the struggle of the old aristocracy, for its traditional ideas and ideals which were partly adopted and partly destroyed by the rising lower classes. In The Frogs he wrote: It was hardly a novel idea at that time.
From BC onwards, the Spartans had occupied Decelea 6 north of Athens and cut off the supply of silver from the Laurium mines.
In BC, confronted with a dire threat to the Athenian fleet and an empty treasury, the Athenians had recourse to melting the gold in some of the statues in the Acropolis to make emergency coins.
Eight statues of Nike, 7 the god of Victory, on the Acropolis had been clad with two talents of gold each, to be removed in case of emergency. The gold was thus struck into coin.
In the next year, copper coins were issued on the credit of the state as replacement for silver coinage, and it "is a modern inference that the emergency coinage was of copper plated by silver. A new use of small coins gave Aristophanes an occasion to raise a laugh: When he goes home with his jury pay under his tongue, his daughter lines manages to get it away from him in a welcoming kiss!
Uelpides The Birds, swallows an obol by mistake. It was explicitly developed in Oresme's De Moneta. Written in the middle of the 14th century, this was the most important work on the theory of money before Bodin's and Grimaudet's writings in the s.
Nicholas Oresme was the Norman Bishop of Lisieux who made contributions to theology, mathematics and astronomy besides his work on money.The Problem of Drunk Driving Essay - Driving under the influence of alcohol has affected and devastated countless people’s lives.
Driving under the influence is one of the most dangerous situations you can put yourself or someone else into. Now we are witnessing a resurgence of interest in new specialty designations and a simultaneous eruption of concern about diminishing strength and numbers in primary care specialties.
By Lt Daniel Furseth. Today, I stopped caring about my fellow man.
I stopped caring about my community, my neighbors, and those I serve. I stopped caring today because a once noble profession has become despised, hated, distrusted, and mostly unwanted. Published: Mon, 5 Dec The introduction of harmful waste materials, other forms of contamination which are a hazard to the life sustaining atmosphere of the planet earth is commonly known as pollution.
Drunk driving is a serious problem that continues to take thousands of deaths each year.
Impaired Driving Essay May 16, Impaired driving is the act of driving a motor vehicle with blood levels of alcohol in excess of a legal limit. Similar regulations cover driving or operating certain types of machinery while affected by drinking alcohol or taking other drugs. Drunk driving is a serious problem that continues to take thousands of deaths each year. Too many lives have been lost to drunk driving. A death from drunk driving does not only affect the victim. Abstract: We're living in yesterday's future, and it's nothing like the speculations of our authors and film/TV alphabetnyc.com a working science fiction novelist, I take a professional interest in how we get predictions about the future wrong, and why, so that I can avoid repeating the same mistakes.
Too many lives have been lost to drunk driving. A death from drunk driving does not only affect the victim. The tricky one would be comparing the costs of the drug war.
Compare alcohol, which is a hard drug and hugely harmful, but so stupidly easy to make that banning it is handing buckets of free money to organised crime, blindness and brain damage from methanol in badly-distilled spirits, etc..
I do concur that busting people’s asses for driving while stoned is a very important social bright.