Pithy Proof of Why We Value Teachers More than Athletes
Posted in Economic Illiteracy on Oct 14th, 2011
When we teach an intro economics course one of the early lectures includes a discussion (and resolution) of the “water-diamond” paradox. How is it that something so valuable in use, such as water, has such a low exchange value, while something with little value in use, such as diamonds, has such a high exchange value. […]
