Gresham's Law

Gresham's Law is the rule in economics that states that bad money drives good money out of circulation. It is the formal name for the rule, often expressed as "bad money drives out good," which was observed in historical periods when precious metals like gold or silver were used as currency in the form of coins.

The rule for coins minted from precious metals is that the value of the metal embedded in the coin should be equal to the coin's nominal value. If inflation in market conditions causes the value of the metal embedded in the coin to exceed its nominal value, the coin's purchasing power surpasses its nominal value, and it is withdrawn from circulation not as money, but as metal. In such periods, bimetallic systems are used in an attempt to equalize the metal value of the coin with its nominal value. As long as price increases continue, coins with low metal value remain in circulation, while coins with high metal value are withdrawn from circulation as a personal savings vehicle.

When the economy becomes dominant in money, which is a symbol of national sovereignty, the process operates according to economic rules, seeking to produce the instrument that will perform the same function at the minimum cost. It is clear that this situation, imposed by the economic process, is positive in terms of achieving cost savings. This is why one of the meanings of the word "economy" is to save. For example, when we say, "we must economize for rapid development in the current conditions," we are emphasizing the importance of saving to provide resources for investments.

The fact that students do not attach importance to education is, in a way, a natural consequence of the government's voluntary or involuntary misguided policies. Specifically, when we view education services as human capital production services, theoretically, the potential demand for this service appears as the capital value of the demand for educated human capital in the future period, discounted to the present at a given interest rate. Given this, it would be overly optimistic to expect young people who cannot clearly see the future, or who do not have positive expectations for the future, to turn toward education while enduring great financial and temporal costs during the most enjoyable periods of their lives. When the situation is exactly this, we should meet the detachment of young people from education not with severity, but with understanding. While showing understanding to the youth, we must emphasize to political agents the meaninglessness of the policies they implement and their detrimental nature for the future of the country and the youth.

As is known, the names of two administrative spending departments contain the word "national," which defines their special characteristics. One of these is the "Ministry of National Defense," and the other is the "Ministry of National Education." It would not be too wrong to say that the Ministry of National Defense has been opened to debate in an environment where the Cosmic Room was ransacked, a former Chief of General Staff was put on trial, and the police were equipped with heavy weapons as if fighting an enemy. As for the other ministry with a national character, we sadly observe that the "national" designation here is also gradually losing its value in every respect. In addition to the imposition of religious education, we have not yet even been able to consciously realize that AI applications appearing in the international arena, ChatGPT, or information networks that are thought to equip individuals with rich knowledge and data are actually bringing all of humanity under absolute domination beyond our knowledge and will.

Humanity, like the frog killed in a pot that is gradually heated, is now facing the loss of its most important natural asset—its brain and memory—in a world that is changing not just gradually, but very rapidly. Today's rapid change, much more effectively than a gradually heated pot, is dragging humanity into a dark monarchism, or rather a dark despotism, which is actually a complete disaster. Usage engines like artificial intelligence and ChatGPT, which are thought to promise a bright future for humanity, are for now substituting for our minds, brains, and natural intelligence as support services, and it seems they will completely replace this very valuable treasure in the very near future. While it may look pleasant when the horn surpasses the ear, in the near future, when the ear disappears, we will be faced with the destruction of the brain's sensor. And over time, we will be faced with a state where the entire brain is completely paralyzed, which would be a total disaster!

In this case, should we say stop to the very rapid change, or perhaps even development, that we have entered? Absolutely not! Then, what is the solution? The solution is to take rapidly developing processes out of private management and supervision and place them under public management and supervision. The reason for this is to make the billions collected from the public available for the benefit of the public only under public control and oversight. Can you imagine what kind of public oversight could result from general communication networks being under private control?

We must carry out this process by keeping it outside of privatization or nationalization debates. We must handle the issue entirely with the understanding of the principle of ensuring widespread public oversight for the benefit of the public. Because the resource, that is, the source of the ore, comes from the public. There can be no place for Gresham's Law in the social sphere; the miracle-looking devils designed with cunning for the purpose of establishing dominance in the social sphere must not be developed and implemented in a way that replaces natural, pure reason and intelligence, but rather only by ensuring through oversight that they can open areas that facilitate its work and functioning.