The theory of “Diamond-water paradox” which also known as paradox of value was first introduced by the economist Adam smith in the 1700s. In his theories, he points out that practical thing that we use it frequently often have little or even no value in exchange. Examples for the things are like cups, socks and water. In contrast, things that is not practically or has little use to us often have the greatest value in the market. An example may be Sir Alex Ferguson’s last piece of chewing gum that has reportedly sold for nearly £390,000. Apparently, there is no other use but just looking at the chewing gum in the box for display but it has almost the same value as a luxury car or house. This is what “Diamond-water paradox” theory about by Adam
In “Jacked,” Michael Cunningham further explores this action of the Giant. In this version, the Giant turns to his treasures after his meal because it “a ritual, a comforting reminder that he’s just as rich today as he was yesterday, and the day before” (Cunningham 28). This displays how some people’s greed lead them to overvalue money nowadays to point where they get paranoid about losing it. But the Giant is not the only one affected by
Like many other individuals, Franklin Foer titles himself to be a soccer expert and enthusiast. Moreover, he is also acclaimed for his work in the field of globalization. In his book, he uses the game of soccer as his universal device. In How Soccer Explains the World: An Unlikely Theory of Globalization, Foer recorded his travels throughout the globe to explore all the different cultures, beliefs and agendas that make a habit of using the beautiful game of soccer.
There is no disputing that the price of diamonds is high, but what needs to be asked – is whether it is too high. The diamond industry is controlled by DeBeers, a well-known international cartel. A cartel is formed when businesses agree to act together for an anti-competitive purpose instead of competing against each other. Cartel members make more profit than they would if they competed fairly through price-setting. This means that goods and services become more expensive. (Commerce Commission New Zealand, 2014)
society. Much of the world today is based on materialism and the worth of one’s
A complement good is used with another good. There are many complement goods for the diamond such as silver, gold and platinum(6). As a result of that, if the price of the metals that used with manufacture the diamond increase, the price of the jewelry or ring for example will rise too that will lead to a reduction of the demand of the diamonds and the complements goods. Although, water has cheap complement goods such as plastic for the bottles for example, that shows easily the difference between the price of diamonds and the price of water.
The word “commodity” is a term that means “an economic good” (Britannica, 2012) which can be either a product or a service that can be traded or exchanged. Commodities vary in their type, value, benefits, and quality. Of the numerous average commodities that exist throughout the globe, commodities holding greater values also have their own ranking as being precious commodities. Such precious commodities include gold, a precious metal that had been highly valued since ancient times and known for its beauty and scarcity. In this essay, I will write about gold as a commodity and I will discuss the various pros and cons related to this commodity.
Since ancient times the concept of utility has been the catalyst between philosophy and economics. The question of the relationship between theory and practice has a special relevance to the issue. What is the effect of theoretical understanding on the material level? Which interrelationships does philosophy desire: should there be a renunciation of material wealth, or is it as Aristotle states, that without wealth there is no contentment?
Since he was officially named the manager of Manchester United Football Club on 6 November 1986, Sir Alex Ferguson has led the team to 13 English titles as well as 25 domestic and international trophies. Bringing almost double titles and trophies to the team than Sir Matt Busby, the second most successful manager of the team, Ferguson has been much more than just a coach. As Anita Elberse wrote in her article, “He played a central role in the United organization, managing not just the first team but the entire club. “Steve Jobs was Apple; Sir Alex Ferguson is Manchester United," says the club 's former chief executive David Gill.” (116) With the help of Sir Alex Ferguson himself, Anita Elberse made some analysis on the methods that contributes to Ferguson’s successful manager career, which resulted in the famous Ferguson’s formula. The formula consists of 8 leadership lessons that every leader could
Gatsby would be a great example of not valuing his materials. He had everything he wanted – except Daisy of course – but he never used or appreciated the materials he was surrounded by. “You know, old sport, I’ve never used that pool all summer,” said Gatsby. He didn’t value anything but Daisy since the reason for everything he did was for her. It only leaves to question to whether he really loved her or wanted her wealth or maybe just even the accomplishment of having her.
When asked about investing, many people imagine a crowded building in New York with thousands of stock brokers in their different crowds for different stock. Many people do not consider investing in one of the most common jewelry metals. Gold can also be a good investment economically as the demand is increasing quickly as more and more household and industrial components and different jewelries are being produced, and even some uses, like NASA’s uses, many people have not thought of. However, the supply is increasing at a much slower rate. In 2003, gold was being consumed, through creation jewelry, electronics, etc., at a rate of 120 million ounces per year; however, the rate at which gold was being produced at that time was only 80 million ounces.
As a character in the writing who was self-absorbed into looking wealthy because the community around her was, and she did everything she could to fit in with the expectations society was given to her. With a loving husband that found tickets to go to a ball, she continued to be bitter about her wealth; and she demanded for money for an expensive dress and a necklace so she went to a friend’s house to seek for a necklace to borrow (Maupassant, 1884, p. 2). Guy de Maupassant (1884) wrote, "All of a sudden she discovered, in a black satin box, a superb necklace of diamonds; and her heart began to beat with an immoderate desire. Her hands trembled as she took it" (p. 3). This quote illustrated the enjoyment the women got out of seeing a diamond necklace and hailing it as if it was worth one million dollars. Therefore, this reveals the the true power of perception and how this materialistic object satisfied the character because it made her look exquisite. The necklace is a sense of pride for this character to pursuit wealth and fame. Overall, a simplistic piece of jewelry was a meaning of wealth and please for this woman to be happy overall going to an event that fits her own reality of being
In the story “The Thrill of the Chase”, the author shows how you can’t take materialistic things with you when you die. “Anyone who dies with over $50 is a failure.” (Goldsmith, pg 474). Objects of this life don’t matter in the end. In another story called “The Golden Touch”,
Diamonds, the beautiful clear-cut gem, the ultimate symbol of esteem and love. I 've always had a love for diamonds, a love I wasn 't sure why existed, maybe it was the promise of the value and self-esteem they brought, or maybe it was the beautiful, shiny presence of them on any valuable ornament. Looking at diamonds, you can tell they are one of a kind, right ? Well aren 't they? I used to be of the former perception, that diamonds are the ultimate height of wealth and value, but not anymore. I have to give credit to my high-school economics teacher, who barged into my argument of how I was going to buy the biggest and most expensive diamond ever, with “you know diamonds are intrinsically worthless right?”. With the shock and awe of any lover
Since resources are limited and human wants are unlimited, people and societies must make choices about what they want most or put more simply, "What you would have done if you didn't make the choice that you did". Each choice involves costs. The cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production (including labor, capital, or land) and taxation.
Many believe that many pursuits of contemporary society, particularly our desire to accumulate wealth and the unintended consequences of these desires are modern day inventions. The Greek myth King Midas and the Golden Touch demonstrate that these desires along with their unintended consequences have existed for many centuries.