{"title":"Smith's paradox of price and negotiation: Empirical evidence from India.","authors":"Sattwick Dey Biswas","doi":"10.1007/s12232-021-00378-w","DOIUrl":null,"url":null,"abstract":"<p><p>Diamond-water paradox has enticed the human mind for generations. Adam Smith gave it a new twist in the Wealth of Nations that serves as the basis of all modern valuation theories. This paper goes back to the original writing of Smith to identify paradoxes and then empirical test in the context of land value. The review of original texts and empirical evidence suggests the existence of a third principle, i.e. \"riches and poverty of those who demand\". This indication demands a re-evaluation of Smith's paradox of value and has implication of modern science of valuation.</p>","PeriodicalId":40021,"journal":{"name":"International Review of Economics","volume":"68 4","pages":"465-484"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1007/s12232-021-00378-w","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1007/s12232-021-00378-w","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2021/7/31 0:00:00","PubModel":"Epub","JCR":"Q2","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 1
Abstract
Diamond-water paradox has enticed the human mind for generations. Adam Smith gave it a new twist in the Wealth of Nations that serves as the basis of all modern valuation theories. This paper goes back to the original writing of Smith to identify paradoxes and then empirical test in the context of land value. The review of original texts and empirical evidence suggests the existence of a third principle, i.e. "riches and poverty of those who demand". This indication demands a re-evaluation of Smith's paradox of value and has implication of modern science of valuation.
几代人以来，钻石与水的矛盾一直吸引着人类的思想。亚当•斯密(Adam Smith)在《国富论》(Wealth of Nations)中对其进行了新的诠释，成为所有现代估值理论的基础。本文首先追溯斯密的原始著作，找出悖论，然后在土地价值的背景下进行实证检验。对原始文本和经验证据的审查表明存在第三个原则，即。“富人和穷人的需求”。这一启示要求对斯密的价值悖论进行重新评价，并具有现代价值科学的启示意义。
期刊介绍：
International Review of Economics - Journal of Civil Economy (IREC) covers a broad range of macro- and microeconomic topics, and showcases high-quality empirical, theoretical and policy-oriented contributions. In particular, IREC welcomes papers focused on the analysis of social interactions, wellbeing, welfare and happiness, capabilities, reciprocity, trust, relational goods, formal and informal institutions, law and economics, prizes and incentives, economics and philosophy, economic theology, the history of economic thought, non-profit organizations, and social economy. Civil Economy refers to a 18th-century Southern European tradition, which views the market as a pre-condition for civilization. Today, Civil Economy denotes a special focus on the ‘civil’ and ethical dimensions of economic issues, and on pursuing the common good in the economic domain. Officially cited as: Int Rev Econ
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