View full lesson: http://ed.ted.com/lessons/the-paradox-of-value-akshita-agarwal
Imagine you’re on a game show and you can choose between two prizes: a diamond … or a bottle of water. It’s an easy choice – the diamonds are more valuable. But if given the same choice when you were dehydrated in the desert, after wandering for days, would you choose differently? Why? Aren’t diamonds still more valuable? Akshita Agarwal explains the paradox of value.
Lesson by Akshita Agarwal, animation by Qa'ed Mai.
Tagged under: Akshita Agarwal,Qa'ed Mai,TED,TED-Ed,TED Ed,TEDEducation, proposition,adam smith,econ,economics,diamond water, paradox,paradox,macroeconomics,microeconomics,utility,marginal utility,diminishing marginal utility,opportunity cost,law diminishing marginal utility
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