GRESHAM'S LAW


Meaning of GRESHAM'S LAW in English

[Gresh.am's law] n [Sir Thomas Gresham] (1858): an observation in economics: when two coins are equal in debt-paying value but unequal in intrinsic value, the one having the lesser intrinsic value tends to remain in circulation and the other to be hoarded or exported as bullion; broadly: any process by which inferior products or practices drive out superior ones

Merriam-Webster English vocab.      Английский словарь Merriam Webster.