Gresham's law and having your child make his bed.
Posted: Sun Jul 24, 2011 11:12 am
Theodore, my ten year old, has a great challenge in completing his daily morning tasks in a timely manner.
His bed is made in haste. So, I was reading to my boys about Gresham's law (see--http://en.wikipedia.org/wiki/Gresham's_law
So then a light came on in my head and I told his mom that a sloppily-made bed begets "cold" hot chocolate and COLD oatmeal—a fair trade for debased chores.
So, after the "cold" breakfast discussion, here's the bed now!
His bed is made in haste. So, I was reading to my boys about Gresham's law (see--http://en.wikipedia.org/wiki/Gresham's_law
Consider a customer purchasing an item which costs five pence, who possesses several silver sixpence coins. Some of these coins are more debased, while others are less so—but legally, they are all mandated to be of equal value. The customer would prefer to retain the better coins, and so offers the shopkeeper the most debased one. In turn, the shopkeeper must give one penny in change, and has every reason to give the most debased penny. Thus, the coins that circulate in the transaction will tend to be of the most debased sort available to the parties.
So then a light came on in my head and I told his mom that a sloppily-made bed begets "cold" hot chocolate and COLD oatmeal—a fair trade for debased chores.
So, after the "cold" breakfast discussion, here's the bed now!