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agreed (or at least if we add in subjective value) -- which is why the entire naming-of-a-law or calling them tendencies for one type to drive out another is silly.
There is no Gresham. It's just law of demand
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agreed (or at least if we add in subjective value) -- which is why the entire naming-of-a-law or calling them tendencies for one type to drive out another is silly.
There is no Gresham. It's just law of demand
Using your car example, if for some reason I owed you an unspecified car, then clearly I'm going to give you the worst car I own.
There's nothing more here than a basic application of marginal utility theory.