intrinsically valuable commodity (e.g., the coins with higher gold content) will disappear from circulation as people hoard it. Thus, if “good” and “bad” money are required by law to be accepted at equal value, the bad money will dominate circulation. People who are spending money will hand over the “bad” coins rather than the “good” ones, keeping the “good” ones for themselves.13 There’s a similar law in employee motivation: bad incentives drive out the good ones, as the example of the day-care center shows. The more a leader relies on financial incentives, the less he or she will be able to
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