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Social Studies skills: Difference between revisions
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** invisible hand | ** invisible hand | ||
** universities | ** universities | ||
==== I Pencil ==== | === Gresham's law === | ||
* "Bad money drives out good money" | |||
** Sir Thomas Gresham (1519–1579), was an English financier in the 16th century | |||
** he advised Queen Elizabeth to restore confidence in the English currency, which had been "debased" (made impure) | |||
** Gresham argued that the monetary value of coinage should equal the value of its metallic base | |||
*** i.e., $1.00 gold coin should be worth the weight in gold of that coin | |||
* inflation results from "bad" money | |||
* historical instances include: | |||
** Roman empire debasement of silver coins (from 92% purity to | |||
** Yuan Dynasty issuance of paper money to finance war, resulting in inflation | |||
==== "I Pencil" ==== | |||
* a parable in which a pencil describes to the narrator just how magical its creation is | * a parable in which a pencil describes to the narrator just how magical its creation is | ||
* the pencil describes the complex processes and knowledge required for the production of a simple pencil | * the pencil describes the complex processes and knowledge required for the production of a simple pencil | ||
* see [https://fee.org/resources/i-pencil/ I, Pencil by Leonard E. Read - Foundation for Economic Education (fee.org)] | * see [https://fee.org/resources/i-pencil/ I, Pencil by Leonard E. Read - Foundation for Economic Education (fee.org)] | ||
=== Herbert Stein's Law === | === Herbert Stein's Law === | ||