Explain the diamond-water paradox

Reference no: EM133196144

Assignment:

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".

Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox.

Reference no: EM133196144

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