Why We Worry About Low River Levels
Called the diamond water paradox, Adam Smith wondered why diamonds cost more than water when we need water to survive and diamonds are merely an extravagant luxury. Years later, economists had the answer. It took them to the margin, to the cost of the next extra unit. With diamonds, we would rather have that one extra diamond and will pay a lot for it. However, with water, when there is a lot, the next extra glass, or flush, or shower costs little… Until we have a drought. ….[READ]
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