Skip to main content
SpringerLink
Log in

Gresham’s Law

  • Reference work entry
  • First Online:
The New Palgrave Dictionary of Economics

  • 40 Accesses

Abstract

This article recounts the origin of Gresham’s Law, discusses its theoretical and empirical problems, and presents several refinements that have been proposed.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 6,499.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD 8,499.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Bibliography

  • Akerlof, G.A. 1970. The market for ‘lemons’: Quality uncertainty and the market mechanism. Quarterly Journal of Economics 84: 488–500.

    Article  Google Scholar 

  • Bridrey, É. 1906. La Théorie de la monnaie au XIVe siècle. Nicole Oresme; étude d’histoire des doctrines et des faits économiques. Paris: V. Giard & E. Brière.

    Google Scholar 

  • Burgon, J.W. 1839. The life and times of Sir Thomas Gresham, Knt., Founder of the Royal Exchange. Vol. 2. London: Effinghman Wilson.

    Google Scholar 

  • De Roover, R.A. 1949. Gresham on foreign exchange: An essay on early English mercantilism with the text of Sir Thomas Gresham’s memorandum: For the understanding of the exchange. Cambridge, MA: Harvard University Press.

    Google Scholar 

  • Dutu, R., Nosal, E., Rocheteau, G. 2005. On the recognizability of money. Working paper No. 512, Federal Reserve Bank of Cleveland.

    Google Scholar 

  • Fetter, F.W. 1932. Some neglected aspects of Gresham’s law. Quarterly Journal of Economics 46: 480–495.

    Article  Google Scholar 

  • Friedman, M., and A.J. Schwartz. 1963. A monetary history of the United States, 1867–1960. Princeton: Princeton University Press.

    Google Scholar 

  • Giffen, R. 1891. The Gresham law. Economic Journal 1: 304–306.

    Article  Google Scholar 

  • Jevons, W.S. 1875. Money and the mechanism of exchange. London: H.S. King & Co..

    Google Scholar 

  • Kareken, J.H., and N. Wallace. 1981. On the indeterminacy of equilibrium exchange rates. Quarterly Journal of Economics 96: 207–222.

    Article  Google Scholar 

  • Macaulay, T.B., Baron. 1850–1861. The history of England from the accession of James II, 5 London: Longman, Brown, Green and Longmans.

    Google Scholar 

  • Macleod, H.D. 1855–1856. The theory and practice of banking: With the elementary principles of currency, prices, credit, and exchanges, 2 vols. London: Longman, Brown, Green, and Longmans.

    Google Scholar 

  • Macleod, H.D. 1858. The elements of political economy. London: Longman, Brown, Green, Longmans, and Roberts.

    Google Scholar 

  • Macleod, H.D. 1896. The history of economics. New York: Putnam.

    Google Scholar 

  • Nussbaum, A. 1950. Money in the law: National and international. Brooklyn: Foundation Press, Inc.

    Google Scholar 

  • Palgrave, R.H.I. ed. 1894–1899. Dictionary of political economy, 3 vols. London/New York: Macmillan and Co.

    Google Scholar 

  • Rolnick, A.J., and W.E. Weber. 1986. Gresham’s law or Gresham’s fallacy? Journal of Political Economy 94: 185–199.

    Article  Google Scholar 

  • Sargent, T.J., and B.D. Smith. 1997. Coinage, debasements, and Gresham’s laws. Economic Theory 10: 197–226.

    Article  Google Scholar 

  • Sargent, T.J., and F.R. Velde. 2002. The big problem of small change. Princeton: Princeton University Press.

    Book  Google Scholar 

  • Selgin, G. 2003. Gresham’s law. EH. Net Encyclopedia, ed. R. Whaples. 10 June. Online. Available at http://eh.net/encyclopedia/article/selgin.gresham.law. Accessed 24 Nov 2006.

  • Velde, F.R., and W.E. Weber. 2000. A model of bimetallism. Journal of Political Economy 108: 1210–1234.

    Article  Google Scholar 

  • Velde, F.R., W.E. Weber, and R. Wright. 1999. A model of commodity money, with applications to Gresham’s law and the debasement puzzle. Review of Economic Dynamics 2: 291–323.

    Article  Google Scholar 

  • Walker, F.A. 1877. Money. New York: Henry Holt and Company.

    Google Scholar 

  • Walras, L. 1977. Elements of pure economics. Fairfield: Augustus M. Kelley.

    Google Scholar 

  • Wolowski, L. 1864. Traictie de la première invention des monnoies de Nicole Oresme, textes français et latin d’après les manuscrits de la Bibliothèque impériale et Traité de la monnoie de Copernic, texte latin et traduction française. Paris: Guillaumin.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. http://link.springer.com/referencework/10.1057/978-1-349-95121-5

    François R. Velde

Authors
  1. François R. Velde
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Copyright information

© 2018 Macmillan Publishers Ltd.

About this entry

Check for updates. Verify currency and authenticity via CrossMark

Cite this entry

Velde, F.R. (2018). Gresham’s Law. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_747

Download citation

Publish with us

Policies and ethics

Search

Navigation