States like California are learning this in real time, as high-income earners relocate in response to rising tax pressure and growing fiscal uncertainty.

The system does not break all at once; it wears down slowly, through a steady loss of purchasing power that households are already beginning to feel.

The question is not whether a politician’s intention is good. The market does not care about intentions. It responds to incentives.

Home prices and rents have risen sharply over the past several years, leaving many families struggling to buy or rent a place to live.

Gresham’s Law isn’t about greed or bad behavior. It describes rational decision-making under fixed rules.