Gresham's Law, Conceptual Semantics, and Semiotics of Authoritarianism

Abstract

The aim of this article is to explore to what extent the rule of economics commonly known as Gresham's law (“bad money drives out good money”) can be extrapolated to verbal language (“bad concepts drive out good concepts”). Consequently, the goal of this article is twofold. First, for Gresham's law to be applied simultaneously to money and language, its unfortunate (“good”/“bad”) and obscure (“drives out”) wording should be clarified. Second, one should identify the contexts in which the validity of the law could be assessed best, and run a very preliminary test. For this purpose, the circulation of the adjective (“hard”, “strong”, or “stable” in Russian) in the word combination (“hard currency”) in use in the Soviet Union in the 1920s and 1930s was scrutinized.

Redundancy, Noisy Signaling, and Semantic inflation: Studying the Patterns of Self‐Destruction in Complex Systems

“…This sets a dangerous precedent of allowing purely noisy messages into the center of the system, which becomes particularly problematic if the rate of redundancy is not specified in advance. Indeed, both Aesop's famous fable The Boy Who Cried Wolf and the so-called Gresham Law attest to the fact that coexistence of meaningful and meaningless messages or channels relentlessly drives down the informational content of all transactions across various codes and channels in a system to the lowest common denominator (Postoutenko, 2014).…”