Why do we place such high value to things such as gold and diamonds? Wouldn’t it make sense to put that value on things that are more “useful”?
In: Economics
Gold and diamonds derive their value due to their rarity and therefore their value as trade items. Eventually, their value was described in denominations of paper money and coins which were more easy to transport and transfer in exchange for other goods or services. So, in reality, the rarer something is, the more value is placed upon it. Or something like that, lol.
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