AN INTRODUCTION
TO THE
THEORY OF VALUE
AN INTRODUCTION
ТО THE
THEORY OF VALUE
ON THE LINES OF
MENGER, WIESER, AND BCHM»BAW"ERK
BY
WILLIAM SMART, M.A.
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MACMILLAN AND CO.
AND NEW YORK
1891
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PREFACE
THIS book has few pretensions to originality. <...> The
theory is that enunciated by Менее: and Jevons, and Worked out by Wieser and B'c3hm~Bawerk. <...> I
have done little more than take it out of its German
setting, and pass it through my own mind. <...> As the
translator of Bohm-BaWerk’s Capital and Interest
and The Positive Theory of Capital, I may claim to
have more than a superï¬cial acquaintance with the
work of the Austrian school, and this must form my
credentials for the present Introduction. <...> I do not consider that the
last word on Value has been said by the Austrian
school, but that seems to me no reason why the
principles of the new theory should remain any
longer beyond the reach of the ordinary English
student. <...> And in case it be said that I have stopped
short of the most interesting part of the Natitrlich/er
тети, the application of the Value theory to the
V1 PREFA СЕ
theory of Distribution, I may explain that, in justice to
Professor Wieser, I have preferred to put ‘the типы
Iation of that most brilliant and suggestive book into
the capable hands of one of my students. <...> THE DIFFERENCE BETWEEN UTILITY AND VALUE . 13
IV. <...> FECM MARGINAL PEODUCTS To CosT 0E PRODUCTION 71
XIV. Гном Созт 0E PRODUCTION To PRODUCT . . 75
CONCLUSION . . . . . . . 81
APPENDIX To PAGE 27 . . . . . 85
WRITERS AND BOOKS REFERRED TO
CARL MENGER (Professor in the University of Vienna), Grumdsdtze der Volksam‘/rthschaftslehre, Vienna, 1871. <...> W. STANLEY J EVONS (Professor in University College, London), The Theory of Political Economy, Ед edition, Macmillan
& Co. 1879. <...> It is, in
particular, a misfortune for English political economy
which has not the possibility, so enviable in German
science, of combining a new predicate with an old
stem in such a way that the combined word is exact
and yet familiar. <...> Hence Very many terms in economics
have a long and chequered history attached to them, as
economists, in writing their systems,‘ tried to follow the
usage of the market and the street <...>