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MarginalismAdam Smith struggled with what came to be called the paradox of “value in use” versus “value in exchange.” Water is necessary to existence and of enormous value in use; diamonds are frivolous and clearly not essential. But the price of diamonds—their value in exchange—is far higher than that of water. What perplexed Smith is ... 2018-02-04T17:46:32-0800 Econlib 2,000 words Rated 2023-09-12T19:26:51-0700
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