Rolnick and Weber reformulated this statement in a 1986 paper, in which they replaced the assumption of equal exchange for equal transaction costs, and Akerlof used this law to describe the title entity in "The Market for Lemons".  
Rolnick and Weber reformulated this statement in a 1986 paper, in which they replaced the assumption of equal exchange for equal transaction costs, and Akerlof used this law to describe the title entity in "The Market for Lemons".  Giffen criticized it for failing to take bimetallism into account. It may have originated in Oresme's Treatise on Money, but it was given its current name by Henry Macleod, who named it after an advisor to Queen Elizabeth.  That advisor invoked it to explain the decrease in the value of coinage due to the "Great Debasements" of her predecessors.  FTP, name this law that states that bad money drives good money out of circulation.
Rolnick and Weber reformulated this statement in a 1986 paper, in which they replaced the assumption of equal exchange for equal transaction costs, and Akerlof used this law to describe the title entity in "The Market for Lemons".  
{Gresham}’s Law