Early Classical economists found the following diamond/water paradox perplexing: Why is water, which is so useful and
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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.
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The diamondwater paradox famously discussed by classical economists such as Adam Smith puzzled early economists because it seemed to defy the principl...View the full answer
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