Why are diamonds valuable… but dirt is worthless? This Minecraft question actually explains one of the most important ideas in economics: scarcity. In Minecraft, dirt is everywhere. You can break one block and instantly get more. Because it’s abundant, nobody values it. You’d never trade emeralds for dirt, because everyone already has loads of it. Diamonds are different. Diamonds are rare, hard to find, and take time, effort, and risk to obtain. You might mine for 30 minutes and find none. That
1:00
Why are diamonds valuable… but dirt is worthless? This Minecraft question actually explains one of the most important ideas in economics: scarcity. In Minecraft, dirt is everywhere. You can break one block and instantly get more. Because it’s abundant, nobody values it. You’d never trade emeralds for dirt, because everyone already has loads of it. Diamonds are different. Diamonds are rare, hard to find, and take time, effort, and risk to obtain. You might mine for 30 minutes and find none. That
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