The term classical value paradox (also: Water diamond paradox) designates the frequently arising difference between use (value) and price of a property. Example: The vitally necessary and thus "valuable property water" has usually a small price, while "diamond" has a very high price with a smaller use.

This value paradox is for the first time with Adam Smith. Smith tries to explain the paradox, by splitting up the term of the value into exchange value (VALUE into exchange) and value in use (VALUE into use). The value in use of water is high, while the value in use diamond is relatively small. The exchange value of these goods behaves in reverse. It was not possible for it to dissolve it fundamentally. While one made do in the classical period to define diamonds as "rarity goods" the question about the cause of the high price however not sufficiently to answer knew, found only the German economist Hermann Heinrich Gossen the answer. He formulated it in the gossenschen laws.

Karl Marx undertook the attempt in the work value theory developed by him among other things to uncover the substantial in the contradiction between use and exchange value. In addition it defined the worth-drawing work in its abstract, measurable form as fundamental measure for the determination of the exchange value of a commodity (work value teachings). According to its theory the double character of the value of a commodity rises from the double character of the concrete (value in use-forming), spent for it, and abstract (exchange value-forming) work.

Articles in category "Classical value paradox"

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