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An Introduction to the Theory of Value

on the Lines of Menger, Wieser, and Böhm-Bawerk

First Edition – 1891


by William Smart (1853-1915)


Preface


ITV-E1-Pref1.1 This book has few pretensions to originality. The theory is that enunciated by Menger and Jevons, and worked out by Wieser and Böhm-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 Böhm-Bawerk’s Capital and Interest and The Positive Theory of Capital, I may claim to have more than a superficial acquaintance with the work of the Austrian school, and this must form my credentials for the present Introduction. At the same time I must emphasise that it claims to be no more than an 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 Natürlicher Werth, the application of the Value theory to the theory of Distribution, I may explain that, in justice to Professor Wieser, I have preferred to put the translation of that most brilliant and suggestive book into the capable hands of one of my students.

WILLIAM SMART.      


QUEEN MARGARET COLLEGE,
     GLASGOW.



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