gresham: meaning, definition, pronunciation and examples

Almost never. Its use is almost entirely restricted to the proper noun (the person or the college) and the fixed phrase 'Gresham's Law'.

Yes. In a market with both high-quality original products and cheap, low-quality counterfeits, if both sell for the same price, consumers may buy the counterfeit, driving the original out of the market. Similarly, if two forms of currency have the same face value but different intrinsic values (e.g., old silver coins vs. new base metal coins), the more valuable coins will be hoarded.

It is commonly stated as: 'When a government overvalues one type of money and undervalues another, the undervalued money (the 'good' money) will leave the country or disappear from circulation into hoards, while the overvalued money (the 'bad' money) will flood into circulation.'

The phenomenon was observed by others, including Aristophanes and Copernicus, centuries before Gresham. However, it was Gresham who famously explained it to Queen Elizabeth I, and it was later named after him by economist Henry Dunning Macleod in the 19th century.

A proper noun, primarily a surname, also used in economic law (Gresham's Law).

Gresham is usually formal, academic, historical in register.

Gresham: in British English it is pronounced /ˈɡrɛʃəm/, and in American English it is pronounced /ˈɡrɛʃəm/. Tap the audio buttons above to hear it.