What we value more, what we want, or what we need?

So I was thinking the other day as I was studying for the many tests/exams university students suffer, why do we place such a high value on things we want, rather than things we need?

Examples could be

We know that diamonds are expensive and water is cheap, is that not a bit odd? Placing a higher value on a useless stone than an essential-to-life water?

Another example could be paramedics, who save people's lives that get paid a fraction of what a NHL Hockey player earns. Do we really place less value on the people who take care of the injured and sick than we place on those who provide us with entertainment?

I am sure I can come up with many other examples to this paradox but I curious as to what you think to this, note I am not taking sides to this matter and constructive responses only please.

 

This is not a paradox.

 

This is a very good point, People are greedy and stupid and almost always place things they want infront of things they need. I don't understand it either but its just human nature i guess.

 

Yeah, I wouldn't call it a paradox; it's merely a fatal error. It's a real problem, but let's face it, we live in an exhibitionist society in which entertainment and pleasure are supreme, and we firmly hold the need for instant gratification.

 

Why would it not be a paradox? Something that is useless to us has higher value than something useful to us.

 

It's not a contradiction, it's merely a flaw.

 

True. Also water is a need you can't get it to an higher value it would not make any sense if 1l. water would be 1 million dollars.

 

Supply and demand. Diamonds are rare and popular, so they're expensive. Water can be acquired for free by anyone (in most parts of the world).

 

This is because diamonds are not common. There is no shortage of water, hence why it is cheap; However, diamonds are scarce so naturally they are valued more.

It's how the economy works, I don't understand why you are so surprised by this.

Of course if there was little or no water on earth, the price of water would be a lot higher.

 

You obviously don't understand that the nhl players are only being played a lot, because we are buying tickets. If they were being payed less, it would just be the general managers getting rich, which would be even less fair. If we didn't care about entertainment, then yes, paramedics would be getting paid more.

 

This. When/if we find ourselves in a global shortage of drinking water, you'll see the prices skyrocket. Supply and demand.

 

Supply, demand, fear, and greed drive the economy.

 

Fear and greed are two of the factors that drive supply and demand. Supply and demand drive the economy.

 

Surely you have been bought into the scheme of cartels, diamonds are as a matter of fact plentiful, the companies used to haul them out by the truck loads.. it is the clever advertisements that make you think that they are scarce, before they would advertise by saying, "the more diamonds on the ring, the more she will love you." then once everyone had these diamonds, they launched a new campaign saying "the quality of the cut is what makes it special."
Look into it, I am sure you will find something on this.

I agree this is how the economy works, personal interests do not achieve social interests, though I would not say I am surprised, more like I am asking for what other people think on the issue.

Think in terms of generations and generations in the future, seeing as there is only roughly 1% fresh water on the Earth, I doubt it will last us forever.

Just to finish, when was the last time you were thirsty/starving, and thought of diamonds?

 

In Sierra Leone the average citizen would place more value on the water collect than the diamonds they collect.

 

Diamonds are still harder to get than water. If you don't have water, you can find the nearest stream and drink straight from it. Getting diamonds are harder. Most people don't have the equipment, nor owns land in the right area, to find diamonds. Therefore they have to go to the cynical people who decide the prices. And as long as people are willing to pay these prices, they won't get lowered. Did anyone say supply and demand?

And just to point out: Fresh water doesn't just "run out".

 

Hence Global Warming getting more extreme.

 

I am speaking of the usefulness, there are many more uses of water than diamonds.

Don't be ignorant. You and I BOTH know those streams are usually contaminated. You would probably not drink from those streams.

This is collusion, it's not the high demand for diamonds that makes prices so high... I am pretty sure I said cartels somewhere in my reply.

What...?

 

I would like to point out something about your theories. You seem to assert that monetary value equals true value. I don't agree. Most, if not all people would place a higher priority on water and other necessities than luxury goods like diamonds. It's only when the basic needs are fulfilled that people spend money on diamonds. In addition, people in general spend more time and money on getting food and water than diamonds, if you look at the big picture.

Doesn't this mean that water etc. holds a higher value, despite the monetary cost per unit?

 

A lot of global warming is just blown out of proportion by the media. Also, a lot have conclusions about global warming have been come to with insufficient basis and evidence.