01/10/2020
The phenomenon, also known as the Smith paradox, is that, although water as a resource is much more useful than the lumps of crystalline carbon, which we call diamonds, the price of the latter on the international market is disproportionately higher than the cost of water.
From the point of view of survival, humanity really needs water much more than diamonds, but its reserves, of course, are more than those of diamonds, so experts say that there is nothing strange in the price difference - after all, we are talking about the cost per unit of each resource, and it is largely determined by this a factor like marginal utility.
With a continuous act of consumption of a resource, its marginal utility and, as a result, the cost inevitably falls - this pattern was discovered in the 19th century by the Prussian economist Hermann Heinrich Gossen. In simple terms, if a person is sequentially offered three glasses of water, he will drink the first one, wash the water from the second, and the third will go to the floor.
THE VALUE OF HUMAN LIFE ALSO FALLED LONG LONG