Diamond-Water Paradox | Definition Minute

The Diamond-Water Paradox presents the human contradiction that although water is necessary to survival and diamonds are frivolous purchases; diamonds command a much higher price in the marketplace than water. 

Definition Minute is a new subset of the Behavioral Economics in Marketing podcast. In these mini-episodes, I will define economic theories, in a minute or two. The topics will be review, introductory or discrete in nature.