A 1986 article by Rolnick and Weber gave empirical evidence that seemed to contradict this law.  
In 1958 March and Simon formulated this law "of Planning".  A 1986 article by Rolnick and Weber gave empirical evidence that seemed to contradict this law.  Akerlof's The Market for Lemons gives an incomplete analogy of this law to the market for automobiles.   H.D. Macleod suggested that this law be named for a man who had noted the adverse effect of the "Great Debasements". This law has its effect when two or more types of currency are in circulation in the same area and the value of one fluctuates, leading to hoarding of the stable currency. FTP name this economic law which, in simplest terms, states that bad money drives out the good.
In 1958 March and Simon formulated this law "of Planning".  
{Gresham}'s Law