Paradox of Value - Kachi no Paradox

Japanese: 価値のパラドックス - かちのぱらどっくす

...The utility theory of value also became the pillar of the individualistic view of the market, which is unique to the neoclassical school, by finding the source of value in the subjective nature of the individual consumer. For example, the neoclassical school solved the so-called paradox of value, which is why the price of something highly useful, such as water, is lower than the price of something less useful, such as diamonds, by basing it on the concept of marginal utility (utility), and succeeded in constructing a very systematic theory of value and price. However, the concept of utility is not only difficult to measure quantitatively, but also difficult to compare between individuals, which is a problem that is inherent to utilitarianism in general.

From [Utility]

… The concept of marginal utility was an important impetus for the development of value theory. It provided a theoretical solution to the problem known as the “paradox of value.” Adam Smith’s consideration of this paradox is well known, and goes as follows: …

*Some of the terminology that refers to the "paradox of value" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

Japanese:

…そして効用価値説は，消費者というまぎれもない個人のもつ主観に価値の源泉を見いだすことを通じて，新古典派に特有の個人主義的な市場観の支柱にもなった。新古典派は，たとえば，水という有用性の高いものの価格がダイヤモンドという有用性の低いものの価格より低いのは何故かといういわゆる価値のパラドックスを，限界効用(効用)という概念にもとづくことによって解決し，きわめて体系的な価値論と価格論とを構成することに成功した。　しかし効用という概念については，その量的な測定が困難であるばかりでなく，その個人間比較も困難であるという功利主義一般につきまとう問題がある。…