Does the Fact That Diamonds, Which We Do Not Need

question 274

Essay

Does the fact that diamonds, which we do not need to survive, are more expensive than water, which is a necessity, constitute a violation of utility maximization?

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Definitions:

Pessimism

Pessimism is an attitude or mindset characterized by a tendency to see the worst aspect of things or believe that the worst will happen; a lack of hope or confidence in the future.

Endorphins

The body’s own pain-killing chemicals, which operate by blocking the transmission of pain messages to the brain.

Inhibitory

Pertaining to a process that decreases the likelihood of a reaction occurring, often referring to neural signals in the brain that dampen activity.

Behavioral Activation System

A neurobiological system that influences an individual's motivation and ability to pursue and achieve goals, often associated with positive emotional states.