8. Early Classical economists found the following diamond/water paradox perplexing: Why is water, which is so useful
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8. Early Classical economists found the following
“diamond/water” paradox perplexing: “Why is water, which is so useful and necessary, so cheap, when diamonds, which are so useless and unnecessary, so expensive?” Using the utility concept, explain why it is not really a paradox. (Difficult) ( LO19-2 )
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Jehal Shah
I believe everyone should try to be strong at logic and have good reading habit. Because If you possess these two skills, no matter what difficult situation is, you will definitely find a perfect solution out of it. While logical ability gives you to understand complex problems and concepts quite easily, reading habit gives you an open mind and holistic approach to see much bigger picture.
So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored.
Last but not the least, I am finance enthusiast. Big fan of Warren buffet for long term focus investing approach. On the same side derivatives is the segment I possess expertise.
If you have any finacne related doubt, do reach me out.
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