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Old 04-30-2011, 02:46 AM   #1
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Default Why are diamonds more expensive than water?

Sure diamonds are scarce. But nobody actually needs diamonds. Everyone needs water so the demand of water beats the limited supply of diamonds.
So why are diamonds more expensive than water?

Debate.

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Old 04-30-2011, 03:58 AM   #2
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Default Re: Why are diamonds more expensive than water?

lol the water-diamond paradox. This illustrates a good example of the distinction between value in use and value in exchange. Obviously water has more value in use than have diamonds. It is an essential item, necessary for life itself. Diamonds are a luxury item with much more limited uses. Its exchange value is worth more.

The obvious explanation for this divergence between usefulness and market price is the differences in supply conditions between the two goods. Water is plentiful and needs little labor to make it available for consumption, while diamonds are scarce as you mention it also take a great deal of effort to make (prospecting, mining, cutting and polishing) and avaiable for the market for sale. The difference in the 'supply' in other words the 'cost' process instill in production and its availability determines the consumption or exchange value in the market place.

The cost of production and the supply conditions shape the exchange values in the market. However, what determines value is different in various schools of thought.
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Old 04-30-2011, 08:53 AM   #3
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Default Re: Why are diamonds more expensive than water?

Diamonds are a status symbol. If water were to be as expensive, or more so, than diamonds, I would think society would collapse. The majority needs to be able to afford the basic life essentials if society is to survive. So, as you pointed out, though water is much more important it remains cheaper. Still, diamonds have still found a way to be important. It's not just a status symbol, but it's a neccesity for marriage. Unless you're lucky enough to find a significant other who has been educated enough to see the farce in these things. So diamonds have found an importence in society. It's the "ultimate expression of love".
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Old 04-30-2011, 01:55 PM   #4
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Default Re: Why are diamonds more expensive than water?

What gemstone's the ultimate expression of hate? I want that one.
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Old 04-30-2011, 02:04 PM   #5
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Default Re: Why are diamonds more expensive than water?

Diamonds will be expensive as long as people are willing to pay for them.
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12:11 PM So you enter the debate with full knowledge that you know nothing of worth on the subject, and then state you will not make an effort to learn. Way to be poster-boy for blight of the forum. Leave discussions of intelligence to those that have it.

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Old 04-30-2011, 02:06 PM   #6
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Default Re: Why are diamonds more expensive than water?

Because who doesn't love carbon, am I right?
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Old 04-30-2011, 02:13 PM   #7
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Default Re: Why are diamonds more expensive than water?

Because water is insanely common. Diamonds aren't. Water could never be as expensive as diamonds because people would never pay any amount even close to what they pay for diamonds when it's so available to people. There isn't a demand for water, for that reason.
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Old 04-30-2011, 02:15 PM   #8
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Default Re: Why are diamonds more expensive than water?

In theory, diamonds are more expensive as they are a limited resource. Also, the manpower that is needed to procure them. Water is much more plentiful, it just depends on how clean that water is, in the area that you are in.
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Old 04-30-2011, 03:58 PM   #9
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Default Re: Why are diamonds more expensive than water?

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Originally Posted by deidara330 View Post
Because water is insanely common. Diamonds aren't. Water could never be as expensive as diamonds because people would never pay any amount even close to what they pay for diamonds when it's so available to people. There isn't a demand for water, for that reason.
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In theory, diamonds are more expensive as they are a limited resource. Also, the manpower that is needed to procure them. Water is much more plentiful, it just depends on how clean that water is, in the area that you are in.
Perhaps this notion of abundant water is merely a luxury. Without the modern industrialization that people in the northern hemisphere enjoy; water would be scarcer than a platter of gourmet chocolates at a weight watchers convention. Yes, there are trillions of gallons of water in the oceans,but none of it drinkable without some process to purify it.

IN a sense, water is abundant. IN another, clean water that people can drink is scarce.Lucky we Americans and Europeans don't have rainfall patterns like Africa. :]
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12:11 PM So you enter the debate with full knowledge that you know nothing of worth on the subject, and then state you will not make an effort to learn. Way to be poster-boy for blight of the forum. Leave discussions of intelligence to those that have it.

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Old 04-30-2011, 06:11 PM   #10
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Default Re: Why are diamonds more expensive than water?

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Originally Posted by deidara330 View Post
Because water is insanely common. Diamonds aren't. Water could never be as expensive as diamonds because people would never pay any amount even close to what they pay for diamonds when it's so available to people. There isn't a demand for water, for that reason.
this
it's simple economics
the more you have in supply, the less you charge
the less you have in supply, the more you charge
it doesn't always have to be something that's needed
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Old 05-01-2011, 04:19 AM   #11
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Default Re: Why are diamonds more expensive than water?

because if water was so expensive most human beings would die of thirst and there would be chaos and killing. also water is to common and diamonds arent needed so it doesnt matter if only the rich can have them
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