The paradox of value (also known as the diamond–water paradox) is the apparent contradiction that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market. The philosopher Adam Smith is often considered to be the classic presenter of this paradox. Nicolaus Copernicus, John Locke, John Law and others had previously tried to explain the disparity.
Read more about Paradox Of Value: Labor Theory of Value, Marginalism, Criticisms
Famous quotes containing the words paradox of and/or paradox:
“The paradox of education is precisely this—that as one begins to become conscious one begins to examine the society in which he is being educated.”
—James Baldwin (1924–1987)
“... it is the desert’s grimness, its stillness and isolation, that bring us back to love. Here we discover the paradox of the contemplative life, that the desert of solitude can be the school where we learn to love others.”
—Kathleen Norris (b. 1947)