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The paradox of value (also known as the diamond–water paradox) is the paradox that, although water is on the whole more useful, in terms of survival, than diamonds, diamonds command a higher price in the market. The philosopher Adam Smith is often considered to be the classic presenter of this paradox, although it had already appeared as ...
This paradox, known as the diamond-water paradox, states that although water is more essential to survival and provides far more utility value, diamonds are valued a lot higher in the market. This paradox arose when value was attributed to things such as the amount of labor that went into the production of a good or alternatively to an ...
t. e. In economics, economic value is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit. Economic value is generally measured through units of currency, and the interpretation ...
Paradox of value, also known as diamond-water paradox: Water is more useful than diamonds, yet is a lot cheaper. Productivity paradox : (also known as Solow computer paradox ): Worker productivity may go down, despite technological improvements.
Value theory is the systematic study of values. Also called axiology, it examines the nature, sources, and types of values. As a branch of philosophy, it has interdisciplinary applications in fields such as economics, sociology, anthropology, and psychology. Value is the worth of something, usually understood as a degree that covers both ...
A paradox is a logically self-contradictory statement or a statement that runs contrary to one's expectation. [ 1 ][ 2 ] It is a statement that, despite apparently valid reasoning from true or apparently true premises, leads to a seemingly self-contradictory or a logically unacceptable conclusion. [ 3 ][ 4 ] A paradox usually involves ...
The unemployment rate for college grads is about half what it is for those without a degree. All of the jobs growth that took place over the last decade has gone to those with a degree. College pays.
The paradox of banknotes. Paradox of competition. Paradox of flexibility. Paradox of prosperity. Paradox of thrift. Paradox of toil. Paradox of value. Productivity paradox.