1. Water-diamond Paradox
... production), Law regarded the relative scarcity of goods as the creator of exchange value. Scarcity = Paradox of Value (Water/Diamond Paradox) = things that are essential to life do not always have the highest value in a monetary sense. This is because many essential needs in life can be satisfied with resources that are so plentiful that almost everyone can get them as much and ... as often as they like. (Ex. water, air, etc.). So, things tend to have higher value when they come from ... resources that are scarcer or more difficult to obtain. (Ex. Water in a desert (think of the movie...
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