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At the start of this chapter we used Gresham's law to motivate Akerlof's lemons model and problems of adverse selection. But this mo­ tivation is not entirely appropriate, at least for the way we described Gre­ sham's law. Why not? How can you make Greshams law appropriate? (For the second question, begin your answer with "Suppose some of the people in this economy are pathologically honest ....")

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