This paper discusses the evolution of money and the monetary system. The origins of money debate is framed in terms of … functionalism versus chartalism. Endogenous Schumpeterian dynamics apply to the evolution of money and monetary systems, and those … relabeled "Gresham's fallacy" because good money drives out bad. The Gresham dynamic is also supportive of the functionalist …

version of the law that "bad money drives out good." By examining several historical episodes, they find instances where bad … money (valued more at the mint than in the market) failed to drive out good money (valued less at the mint than in the … of money can coexist with a different market price. They then propose a new qualifier to Gresham's Law and argue its …