Explain the diamond-water paradox

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Reference no: EM13838234

For class surveying different economic systems, I read a book on Marxism and its core beliefs. As I read, I came to learn that the Marxist view of economics depends heavily on the Labor Theory of Value since Marx believed that the value of a good was determined by the amount of labor.

But, from what I understand, the economic community no longer accepts the Labor Theory of Value due to its inability to explain the Diamond-Water Paradox.

How is it then that certain economists still adhere to the Marxist view of economics? How do they have Marxism explain the Diamond-Water Paradox?

Reference no: EM13838234

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