The diamond/water paradox goes as such. Diamonds are of no use to human beings yet valuable because they’re scarce. A carat is 1/5th of a gram & can fetch up to $20k. While water which is life saving, which humans cannot do without is free to $1 per 0.5l. Because it’s not scarce
https://twitter.com/baba_nyenyedzi/status/1355945388302336006
Therefore value is determined by scarcity. A painting can fetch up to $400m, yet no matter how much a farmer produce can save starving kids, maize will fetch $200 per ha.
This explains why an Actuary is better paid than a Doctor. An entrepreneur better rewarded than a manager.
This explains why an Actuary is better paid than a Doctor. An entrepreneur better rewarded than a manager.
As an anecdote, Aristotle failed to solve this problem. So many are in good company. Yet Hesiod a contemporary of Homer figured it out by just observing the price of produce during the seasons. He identified the scarcity problem.
Back to treasure chest and key. It turns out they’re more treasure chests in the world than keys that open them. A key is the technology.
It also turns out many treasure chest have a 90% chance of holding/containing nothing. Years of costly treasure hunt. While the locksmith...
It also turns out many treasure chest have a 90% chance of holding/containing nothing. Years of costly treasure hunt. While the locksmith...
Spends less than a day. This explains the ridiculousness of Africa rich in resources. It’s only wealth when it’s unlocked. Otherwise it’s just earth.
Exploration, technology & expertise (capital) is scarce. Only when mining laws favour capital,Africa will remain in poverty.
Exploration, technology & expertise (capital) is scarce. Only when mining laws favour capital,Africa will remain in poverty.
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