ECON 101 Saudi Electronic University The Diamond Water Paradox Discussion

by | Mar 31, 2022 | Economics

Discussion: The diamond-water paradox
In “An Inquiry into the Nature and Causes of the Wealth of Nations” published in
1776, Adam Smith wrote:
“Nothing is more useful than water: but it will purchase scarcely
anything… A diamond, on the contrary, has scarcely any use-value; but a
very great quantity of other goods may frequently be had in exchange
for it”

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