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Changing Value of Money
Suppose you are stranded in a desert and thirsty for days. You are about to die if you do not get water in a few moments. A person approaches you with a glass of water and asks $ 1000 as the price of one glass of water. You argue with him saying that the price is too high. He says that if you want it, this is the price you have to pay. You pay the price reluctantly as you need the water desperately. However, once you have drunk your first glass of water, he offers you the next glass of water at the same price. You will refuse to pay as your desperation has reduced. May be you can still pay $ 100 for one glass of water. Thus the value of water would continue to diminish with every glass you drink. Soon a time would come, when you will refuse to drink a glass of water, even if the person pays you $ 1000.
Tuesday, September 26, 2023
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