The diamond water paradox is one of the first concepts learned in an introductory Econ class; hopefully not until a “history” class.
I was an Econ professor in the past and this was quite literally the first thing I spoke about in introductory courses. This is the analogy used to describe what the science of economics is, the study of the allocation of scarce resources.
I was an Econ professor in the past and this was quite literally the first thing I spoke about in introductory courses. This is the analogy used to describe what the science of economics is, the study of the allocation of scarce resources.