l35.
Gresham’s Law discusses the effect of a debased currency: bad money (e.g., coins containing cheaper metal than the precious metals that they are specified to contain) drives out good money (which is stockpiled or otherwise removed from circulation). This parallel situation, in which the market state drives out the cooperation and reciprocity of a slack economy—the tragedy of economics—is further discussed in Economics. For more on Gresham’s Law, see, for instance, www.britannica.com/topic/Greshams-law .