What does it means by paradox ? Why does the paradox exist in the world ?
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Definition of 'Paradox'
Definition: Paradox in economics is the situation where the variables fail to follow the generally laid principles and assumptions of the theory and behave in an opposite fashion.
Description: Paradoxes are very common in economics. A few of them are Giffen's Paradox, Leontief's Paradox and Paradox of Thrift.
For example: The demand curve of any commodity is generally downward sloping, but Giffen's Paradox suggests that under certain situations Giffen goods have an upward sloping demand curve.
Explanation:
A paradox, also known as an antinomy, is a logically self-contradictory statement or a statement that runs contrary to one's expectation.[1][2] It is a statement that, despite apparently valid reasoning from true premises, leads to a seemingly self-contradictory or a logically unacceptable conclusion.[3][4] A paradox usually involves contradictory-yet-interrelated elements—that exist simultaneously and persist over time.[5][6][7]
In logic, many paradoxes exist which are known to be invalid arguments, but which are nevertheless valuable in promoting critical thinking,[8] while other paradoxes have revealed errors in definitions which were assumed to be rigorous, and have caused axioms of mathematics and logic to be re-examined.[1] One example is Russell's paradox, which questions whether a "list of all lists that do not contain themselves" would include itself, and showed that attempts to found set theory on the identification of sets with properties or predicates were flawed.[9][10] Others, such as Curry's paradox, cannot be easily resolved by making foundational changes in a logical system.[11]
Examples outside logic include the ship of Theseus from philosophy, a paradox which questions whether a ship repaired over time by replacing each and all of its wooden parts, one at a time, would remain the same ship.[12] Paradoxes can also take the form of images or other media. For example, M.C. Escher featured perspective-based paradoxes in many of his drawings, with walls that are regarded as floors from other points of view, and staircases that appear to climb endlessly.[13]
In common usage, the word "paradox" often refers to statements that are ironic or unexpected, such as "the paradox that standing is more tiring than walking".[14]