Is Gresham's Law a special instance of a more general phenomenon?

I've just encountered three alternate presentations of Gresham's law in different contexts, and am beginning to convince myself that it's a specific case of a general type of systems failure.

Herman E. Daly describes a "Gresham's Law of Internalization":  with free trade and free capital mobility come a standards-lowering race.  Bad cost accounting drives out good cost accounting.  Ricardo's comparative advantage of trade assumed immobile capital....

Continued at the dreddit

#economics #greshamslaw #systems #systemsfailure #market #marketfailure

http://www.reddit.com/r/dredmorbius/comments/2h63fp/is_greshams_law_a_special_instance_of_a_more/