Critical Thinking 1 The Diamond Water Paradox Case Study 1

In “An Inquiry into the Nature and Causes of the Wealth of Nations” published in 1776, Adam Smith wrote:

“Nothing is more useful than water: but it will purchase scarcely anything… A diamond, on the contrary, has scarcely any use-value; but a very great quantity of other goods may frequently be had in exchange for it”

Please Explain the diamond-water paradox and find out in the literature how economists have later solved this paradox?

Note: kindly see attached word format to be written into and requirement to folllowed specialy no matching ratio.

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