> > ... a classic puzzle in economics. Imagine a small market town. A barrel > of water costs almost nothing, while a diamond of similar size may cost > thousands of dollars. Yet water is obviously far more necessary for human > life than diamonds. Why, then, is the diamond more expensive? This puzzle > is known as the diamond–water paradox, and it played an important role in > the development of economic theory. >
Adam Smith introduced the example merely to bring out the distinction between exchange value and use value. He got right into the labor theory of value. The "paradox" was a mere footnote until capitalist ideologues scrambled to find an economic anti-theory with which to fight the labor theory of value, once Marx had made it rigorous. -=-=-=-=-=-=-=-=-=-=-=- Groups.io Links: You receive all messages sent to this group. View/Reply Online (#41099): https://groups.io/g/marxmail/message/41099 Mute This Topic: https://groups.io/mt/118302882/21656 -=-=- POSTING RULES & NOTES #1 YOU MUST clip all extraneous text when replying to a message. #2 This mail-list, like most, is publicly & permanently archived. #3 Subscribe and post under an alias if #2 is a concern. #4 Do not exceed five posts a day. -=-=- Group Owner: [email protected] Unsubscribe: https://groups.io/g/marxmail/leave/13617172/21656/1316126222/xyzzy [[email protected]] -=-=-=-=-=-=-=-=-=-=-=-
