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Write Short Note On: Paradox of Value - Economics

Short Note

Write short note on:

Paradox of value

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Paradox of value refers to the difference between the value in use of a commodity and the value in exchange. This paradox states that a commodity that has a high use value may have a low exchange value intermsofprice . For instance, water, which has a high use value commands a low price in the market, i.e. it has a low exchange value. On the other hand, diamonds that have a low use value have high very high exchange value. Thus, there is a disparity between the use value and exchange value.

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Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 2 Consumer's Behavior
Exercise | Q 2.2 | Page 17
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