Footnotes are
always worth reading. I recently came
across a footnote in one of Hayek’s writings where he quotes Aristophanes, the
Greek satirist and dramatist. The quote
suggests that Gresham’s Law (i.e., bad money drives out good) operates in
politics as well as money. Although
Gresham’s Law may be wrong in the monetary arena (see Robert Mundell’s piece on this), casual observation would appear to support the notion that bad politicians drive out good! The
quote from Aristophanes is as follows:
Oftentimes we
have reflected on a similar abuse
In the choice
of men for office, and of coins for common use,
For our old
and standard pieces, valued and approved and tried,
Here among
the Grecian nations, and in all the world besides,
Recognised in
every realm for trusty stamp and pure assay,
Are rejected
and abandoned for the thrash of yesterday,
For a vile
adulterated issue, drossy, counterfeit and base,
Which the
traffic of the city passes current in their place.
