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I think you're referring to Gresham's law (https://en.wikipedia.org/wiki/Gresham%27s_law https://en.wikipedia.org/wiki/Gresham%27s_law ); but it doesn't talk of
by euyyn 11y ago
I think you're referring to Gresham's law (https://en.wikipedia.org/wiki/Gresham%27s_law https://en.wikipedia.org/wiki/Gresham%27s_law ); but it doesn't talk of coins and bills.
- knughit 11y agoIt does, if you consider that bills are always fiat money, and coins could be precious metals. (But nowadays never are ... Because of Gresham's law)
- euyyn 11y agoAnd specifically not in the case of China. So the answer of OP's "What conclusions do you think I was warranted in drawing?" is exactly the expected one: "That you haven't understood well what they're saying."
- thaumasiotes 11y agoTell you what. I'm prepared to believe that the person who I was reading (not me) was referring in a confused way to Gresham's Law, if you can point me to someone describing it as a "theorem" rather than as "Gresham's Law".
- euyyn 11y agoIf you're open to accepting that writer was confused about the meaning, why not about the name too?