[1st ed.:] M.A., LECTURER ON POLITICAL ECONOMY IN QUEEN MARGARET COLLEGE, GLASGOW
[2nd ed.:] M.A., D. PHIL., LL.D., ADAM SMITH PROFESSOR OF POLITICAL ECONOMY, UNIVERSITY OF GLASGOW
[Dedication in 2nd ed.:]
W. S. H.
[Online editors note: on the difference between the 1st and 2nd editions see the following comments by Joseph T. Salerno:
The economist, William Smart, exemplifies the speed and thoroughgoing nature of the Marshallian conversion of the British economics profession. In 1891, the year after publication of the first edition of Marshalls Principles, Smart published a little primer, An Introduction to the Theory of Value ... which gave English-speaking economists a lucid and highly sympathetic introduction to Austrian value theory. In the second edition, which was published nineteen years later, Smart added an appendix consisting of a summary of his university lectures on The Theory of Value: The Demand Side in order to indicate his more mature attitude toward Austrian doctrines. As the title suggests, this appendix purported to show that Austrian value theory only addressed the demand side of price determination. In the Preface to this edition (p. viii), Smart informed his readers that this summary was meant to be studied along with Book III of the classic which has moulded modern economic thought, Professor Marshalls Principles.
(The Place of Mises Human Action in the Development of Modern Economic Thought, pp. 46-7; Quarterly Journal of Austrian Economics 2, no. 1 (Spring 1999), pp. 35-65.)]
First Edition 1891 Second Edition 1910 Preface to the Second Edition, 1910 Preface Preface to the First Edition Writers and Books Referred To Writers and Books Referred To I. Introductory I. Introductory II. The Analysis of Value II. The Analysis of Value III. The Difference between Utility and Value III. The Difference Between Utility and Value IV. The Scale of Value IV. The Scale of Value V. The Marginal Utility V. The Marginal Utility VI. Difficulties and Explanations VI. Difficulties and Explanations VII. Complementary Goods VII. Complementary Goods VIII. Subjective Exchange Value VIII. Subjective Exchange Value IX. From Subjective to Objective Value IX. From Subjective to Objective Value X. Price X. Price XI. Subjective Valuations the Basis of Price XI. Subjective Valuations the Basis of Price XII. Cost of Production XII. Cost of Production XIII. From Marginal Products to Cost of Production XIII. From Marginal Products to Cost of Production XIV. From Cost of Production to Product XIV. From Cost of Production to Product Conclusion XV. Conclusion Appendix to Page 27 Appendix I Appendix II
London: Macmillan and Co.
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