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[[Adam Smith]] states there are two types of value, ''value in use'', and ''value in exchange'', and gives as an example,  

[[Adam Smith]] states there are two types of value, ''value in use'', and ''value in exchange'', and gives as an example,  

{{Cquote|Nothing is more useful than water: but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it. <ref>Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, [http://www.econlib.org/library/Smith/smWN1.html#B.I, ''Of the Origin and Use of Money,''] Book I, Chapter 4, Paragraph 13, First Edition 1776.</ref>}}

{{Cquote|Nothing is more useful than water: but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it.<ref>Adam Smith, An Inquiry into the Nature and Causes of the Wealth of Nations, [http://www.econlib.org/library/Smith/smWN1.html#B.I, ''Of the Origin and Use of Money,''] Book I, Chapter 4, Paragraph 13, First Edition 1776.</ref>}}