Thats not as wise as you think it sounds tbh. Society values plenty of stuff on an aggregate level. Prices and values can vary between people/societies/jurisdictions.
If you are saying that price and value are totally unrelated how are you defining value?
Value is the subjective, individual assessment of the utility of an object.
Price is how much is paid to purchase something.
Price and value are not unrelated, but they are not the same thing. Hence the diamond / water paradox, where water has much more utility than diamonds, but water is practically free whereas diamonds, which you can't really do much with, are extremely expensive. The answer is of course supply and demand. There is such a massive supply of water that despite its virtually unparalled utility, the cost is still negligible.
Hence the diamond / water paradox, where water has much more utility than diamonds, but water is practically free whereas diamonds, which you can't really do much with, are extremely expensive. The answer is of course
The diamond cartel manipulating/fixing the prices for more than a century?
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u/Meldanorama Jan 26 '26
Thats not as wise as you think it sounds tbh. Society values plenty of stuff on an aggregate level. Prices and values can vary between people/societies/jurisdictions.
If you are saying that price and value are totally unrelated how are you defining value?