money drives out bad if they exchange for the same price" is an acceptable expression of Gresham's Law. Then businesses would raise prices. In the following discussion, I shall assume that the two metals are gold and silver, but the theory applies equally to short essay on brain drain in india other metals. The effects may indeed be cruel on an individual level, but without that process, 90 of human beings would still be subsistent peasants, which is far crueler than any industrial layoffs. (Figure #2) LiveJournal users ranked by friends is a power law. Bjrn Lomborg Return to text Say's Law and Supply Side Economics, Note 12 I have considered elsewhere that the fundamental content of capital is imagination. Say one is new and the other, badly worn. If finance was under control of the Jews, as anti-Semites like Henry Ford believed, the failure of this bank would be hard to explain. Meanwhile, businesses, with rising wages, can only maintain any profit margin they have by laying off employees (forbidden by Sismondi and modern France) or increasing productivity (with capital investment).
The inbound link data is just an example: power law distributions are ubiquitous.
Yahoo Groups mailing lists ranked by subscribers is a power law distribution.
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There can be no long-run glut of goods. Which coins will be "exported" to the non-monetary sector? When unemployment was again over 20 in 1938, how was all the public spending successful? Federal spending increased faster during Hoover's four years than during the first seven years of the New Deal. That was supposed to be good for farmers, but it simply destroyed their foreign markets. New York: Modern Library. The correct expression of Gresham's Law law is: "cheap money drives out dear, if they exchange for the same price." That proposition is neither trivial nor obvious. Very soon after coinage was discovered, rulers learned that the demand for money was different from the demand for the metal contained in the coins. (Figure #3) Jason Kottke has graphed the power law distribution. "Growth, Stability and Inflationary Finance The Journal of Political Economy, lxxiii,.2 (April 97-109. Japan causes for the american civil war essay grew into the second largest economy in the world because of the savings, and indeed lack of consumption, on the part of the Japanese people.
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