The paradox of value - Akshita Agarwal 

Let's take a moment to admire the smooth animation.

The Proposal with the water bottle is so Sweet. :)

Why can't you get a gold water bottle incrusted with diamonds??

I'm casually on a budget and my girlfriend thinks about marriage Me: *Water bottle madam?*

the end was a cute plot twist ^______^

I wasn't expecting the guy to propose with a bottle of water. That was funny.

Shopkeeper: water or diamond Me: water *1 month later* Me: starves to death

"They say that breakfast is the most important meal of the day.... ... unless you're poisoned, then antidote is the most important meal of the day."

The proposal at the end with the bottle of water was (pardon the pun) priceless.

To those of you who don't think this is a paradox: you are right. It was, however, a paradox to Adam Smith, who at the time had no concept of marginal utility. That concept emerged almost a hundred years later in what is called the marginal revolution.

Next make a video on the topic "The paradox of getting wet when touching water"

Who else noticed that the movie was actually the script for the video?

WILL YOU MARRY ME?? *takes out water bottle* 😂😂😂

This is not a paradox. Value is relative, that's all there is to it.

An Indian narrator! That's amazing, I'm proud of you, lady!

this makes me miss my economics class ;(

More and more pizza does not become less valuable.

Yea wait in 50 years water will be the most expensive thing in the world

Thanks Akshita Agarwal for this wonderful animation on the Paradox of Value. 👌👌👌

So profound yet simple message and animation. It inspires me to aspire to create more content at least remotely similar to this. Thank you.

What if i choose water in the game show because i was just thirsty?

The most simplified and perfect brief explanation that should every ECONOMICS student learn. I think that all text books and regular tutorials should be done your way. AMAZINGLY Simple, but EFFECTIVE to learn

I'm loving the dance animation

currently learning economics and this is a very informative and concise lesson video!

3:28 "Will you open this water bottle for me?"

the ultimate source of value is friendship

Props to Qa’ed Mai who animated this beautiful video

My best friend of five years gave me a full water bottle for my birthday...

A genius economist discovered common sense in the past.

Where's the paradox? Each thing is worth more based on the situation

This was a really great way to simplify some ideas that otherwise sound intimidating or overly complicated. And I imagine probably are a lot more complicated... but still, thank you for the informative and interesting video!

상황에 따라 물건의 가치가 달라지듯이 사람의 가치는 정확하지가 않고 얼마나 많이 사용한지도 가치를 변화시킬 수 있는 것이 놀라웠습니다. 유익한 영상 감사합니다.

This seems common sense to me

I feel like this could be much more easily explained by discussing value through scarcity. The reason diamonds have monetary value is because of how hard they are to obtain compared to something like water (which is everywhere in a developed country). Utility is a factor (since diamonds still would maintain value in a desert), but I think scarcity is still very important to this discussion.

This video encompasses some most important basic theories of economics .❤️❤️👍🏻

Great animation, narration and content. Keep up the good work Ted-Ed!

Still searching for the paradox

1:30 me when it's friday

as a french student who study economy, thank you this video is very clear

It's been a long time since I've added a video to my favorites. The day has come after a year or so, that I add a video to my favorites. I assume it's because TEDEd just told everything in this video 100% right, which is almost unreachable on youtube. But they hit the point and that's impressive

LOVE the animation on this!

What about ice cream tho, it never decreases its value.

As a magic player, I've learned all these lessons one at a time, the hardest for me though was diminishing value vs eventualities. It was at this point that i understood the concept of regret.

Great video! Pretty much my economics class, but taught in less than 4 minutes

You know with the price of bottled water, I wouldn't be surprised.

So basically, you shouldn`t upload more to be not effected by the law of diminishing marginal utility

I really appreciate.. !! The work done on explanation.. !! Keep up the good work 👍

Muito, muito bem boledo e bem feito. Congratulations!!! Very good animation and clever!!!

that animation was dope

diamond is more valuable than water monetarily. but our life is more important to us. therefore

This is the very essence of business and commerce. Different things are valuable in different scenarios, geography etc

Thanks TedEd. This video really helped me and my friends to understand this concept for school.😊

I learn more from 3:45 minutes of youtube than i do in 6 hours of school

1:40 those dance moves are HILARIOUS 😃😁😆

that ending melted my heart 😍

The proposal at the end was great!

Hi, what software did you use to make this animated video?

Water is priceless.

great video. we need some more videos on the basic principles of Economics.

wow this brings me back to grade 9 economics class, which is uhhh barely three years ago. it's nice to reflect on how lessons in school is applied on real life. makes me feel smart haha

"You have the best voice ever Akshita" - Akshit

I can just imagine Bad Guy playing at 1:29

Utility is explained in a very paraphrased manner. Animations are bravado thus making the process of learning really efficient. Keep Up the Splendid videos!!😀😀

Movie hint; very smart. Thanks from the bottom of my heart.

Harambe is priceless

2:44 there's a flaw with this argument. Iverson seen the Lord of the Rings more times than I can count. And still value it highly

Amazing...!! I have read this basic economics before...but this animation is easy and relatable.

value is always relative, i didn't think any more explanation than that was needed.

When the choice was offered every 5 minutes, I chose a diamond first... Which is pretty much what I do in real life. I put investment before myself... I kind of wish they explained what if you didn't choose water first...

animation = "Will you marry me?" *Give water bottle* "YES I WILL" Irl = "Will you marry me?" *Give water bottle* "Um... Are you on drugs or something?"

I liked the way you guys used the lightsabre to make a graph.

Guys, please come up with more such amazing videos dealing with economics. Great work.

This is not a paradox....

Where was Ted-Ed when I was struggling with economics classes. This video is awesome!

There's a couple paradoxes easily pointed out here if you don't think too hard. The paradox is that "value" is normally defined for us, but it is actually us who define the "value" of something, which she said was utility. And then she also basically said that too much of a good thing(such as diamonds or our favorite food no matter how good it is) is a bad thing.

The water bottle proposal was so sweet!!!

I think I'm also going to propose with a bottle of water

2:48 star wars refrence

Hi, thanks for the video! It stimulates discussion. But there is no value paradox. When exchanging a commodity for an object of value, the value is assigned to both commodities by both exchange partners. Before the exchange, the two exchange partners usually have different views on the values of the exchange goods. For the exchange, both must agree on a common value within the framework of the value relationship that they enter into with one another. Only when they form a common quantity of value and in this case the needs of both for the commodity and the value equivalent are still large enough for an exchange will an exchange take place. For the exchange, both exchange partners assign this common value to both the goods and the value equivalent. Usually the value equivalent is money. The expenses with which the goods are made available usually have to be replaced by the exchange (in the case of produced things, Marx formulates it with c + v) and a little more has to be paid - an surplus value that the seller considers sufficient (with Marx s) so that production, sales, artistic performance, etc. can be continued, improved and expanded. Likewise, the buyer would like to receive something equivalent in value for the expenses that he needed to work out the required amount of money. When exchanging the diamond in the desert for a bottle of urgently needed water, the only the usual approach to the exchange is deviated from: the owner of the diamond will not insist on being reimbursed for the expenses that he had to purchase the diamond. If both agree on a common value, that is also the value size or the value that both assign to the diamond and the water in this situation. From the large number of exchanges, the average values for diamonds and water can be calculated over time.

*_"...When it comes to most things, the more of it you require, the less useful or enjoyable every additional bit becomes..."_* 0-o Wow. Really deep and mature lesson for the folks who want to be rich and famous.

1). This is not a paradox.. but sure.. I'll let that slide. 2). Wait what? The graph shows the value of the bottle of water decreasing and the diamonds value increasing. This is incorrect. First off.. the value of the diamond doesn't change. It's relative value changes as the water becomes more or less valuable, as a diamond isn't any more or less useful depending on your location in the desert. 2b) the waters value doesn't change gradually. It doesn't matter how far into the desert you are.. if you need a bottle of water to live, it's value is consistent, if you don't then it may become more gradual due to comfort.. but would dramatically drop below the diamond anyway. Basically.. would you want a bottle of water any less if you were 10 minutes from dying instead of 60? No. No you would not.

The thing is diamonds have no value and it’s just that the industry was monopolized and selectively distributed to make them seem rare and expensive. So yeah water bottle 100%!

wonderful conclusion !

Wow I love this art style

“Will you drink this water?” “Sure.”

But what about diamond water?

Great animation style

I'm Holding Back Tears This Video Is So Powerful.

water bottles are a girl's best friend

save your time I'll some It up.. Yes the person goes on to explain that a bottle of clean spring water has more value than a diamond the end

Amazing description!

Animations are really illustrative. Good job

I like how in the end the ultimate sources of value and the examples given are not at all related to market value and not subject to diminishing marginal utility. In fact, they're all very communist. They require the valuing of another person instead of thinking about how you can exploit them.

3:22 no homo tho

This just reminded me of my economics paper...

This paradox can be easily solved by basic economics. Being an economics major myself, I am pleased.

There is no paradox, value is a completely subjective construct, so nothing has any inherent value. Value only exists for the brain subjectively judging that value.

Ted-ed should look PARADOX up in a dictionary

This is also the game of Demand and Supply... At the first time, water has a less supply... That's why it was more valuable than diamond... And the second time, there was enough supply of water and diamond... Therefore demand for Diamond increases too.... According to Dr. Alfred Marshall, " Other things being constant the higher the price a commodity, smaller is the quantity demanded and lower the price of a commodity, larger is the quantity demanded..." The all is briefly explained in his Book, " Principles of Economics"... Also diminishing Marginal Utility needs continuity of consumption, Homogeneity, Single purpose of usage, Constancy etc to satisfy the law....!! SORRY IF I WRONG IN ANYWHERE...

Can we just take a second to appreciate these smooth animations