what is paradox?how many paradoxes are in economics?

Answer 1

Lack of economic understanding aside, there are paradoxical issues in economics as in any field using inductive logic:
the Bertrand paradox is an example of one. Considering that game theory is an economic sub-field, you will find many there that arise from preference structures or rationality. Prospect theory from Tversky and Kahneman arose from paradox that people choose to maximize utility, but also eschew risk. St Petersburg paradox is another, as is the Arrow Impossibility Theorem, which happens to be used extensively in political science literature but arose from the rational choice assumption that economics relies on to allow axiomatic treatment of situations which would otherwise be impossible.

Answer 2

There are NO paradoxes in Economics.
Some people tend to think that there are paradoxes because there is a general lack of knowledge or they can't apply the basic principles of Economics in real life.
Let's examine the example above with Water and Diamonds!
Why is Water cheap and very useful. Diamonds on the other hand are not useful but very expensive!
It's because of SUPPLY AND DEMAND!
Demand for water is great (even greater than for Diamonds) but the supply is also great, while the supply of Diamonds is NOT that great! Diamonds are scarce and hard to get. That's why they are so expensive.

Answer 3

A paradox is something that goes contrary to the general rule or rather an exceptional to the general rule for that matter.
About how many paradoxes are there in ecomomics there are a lot of them,forexample ,Water and diamond paradox is one of the prominent paradox in economics

Answer 4

St Petersburg has something which gets below your skin layer and if you want to find what it's then, you will have a look with hotelbye . Nevsky Prospect is St Petersburg's principal avenue and one of many best-known streets in Russia. Cutting through the old centre of the city, it operates from the Admiralty, symbol of Russian power, to the Alexander Nevsky Monastery and it is likely to be very wonderful to walk along this block at night when all illuminations on. Here, you will see everything: the absolute most spectacular structure, the superb palaces, the world-famous museums and the sparkling five-star hotels. One of many areas should see from St. Petersburg is State Hermitage Museum. The key architectural outfit of the Hermitage is situated in the heart of St Petersburg and consists in: Winter Palace, after the former state residence of the Russian emperors, structures of the Small, Old (Great) and New Hermitages, the Hermitage Theatre and the Auxiliary House.