Adam Smith observed that often things that have the greatest value in use, or are the most useful, have a relatively low price, and things that have little or no value in use have a high price.

Question

Quizplus · Accepted Answer

Adam Smith noted this paradox in "The Wealth of Nations," referring to it as the diamond-water paradox, where water, essential for life, is cheap, while diamonds, with little intrinsic utility, are expensive.

Adam Smith Observed That Often Things That Have the Greatest