ECON 101 SEU Diamond Water Paradox Economics Essay
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College of Administrative and Financial Sciences
Assignment-1
Deadline: 30 September 2020 @23:59
Course Name: MICROECONOMICS Students Name:
Course Code: ECON101
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Semester: 1
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Academic Year: 1441-1442
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Critical Thinking 1: The diamond-water paradox
In An Inquiry into the Nature and Causes of the Wealth of Nations published in
1776, Adam Smith wrote:
Nothing is more useful than water: but it will purchase scarcely anything
A
diamond, on the contrary, has scarcely any use-value; but a very great quantity of
other goods may frequently be had in exchange for it
Explain the diamond-water paradox and find out in the literature how economists
have later solved this paradox.
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economics
water
diamond
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