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Paradoxes are contradictory statements that challenge common sense, playing a significant role in business and economics, such as the 'paradox of value' which questions the relationship between utility and worth.
Paradoxes are statements that seem to defy common sense and business acumen. They encompass contradictory yet interrelated elements that coexist and persist over time. One such contradiction in economics is the paradox of value, where useful commodities like water have little monetary value, whereas diamonds, with little practical use, are highly valued.
Management scholars Smith and Lewis (2011) define paradox 'as contradictory yet interrelated elements that exist simultaneously and persist over time' (p. 382), emphasizing the need to embrace these contradictions to achieve long-term sustainability in an organization. Paradoxes are significant in highlighting inconsistencies and challenges that can lead to deeper understanding and innovative solutions in both academic and business contexts.
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