[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.:]
To
W. S. H.
[Online editor’s 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 Marshall’s 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 Marshall’s 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.)]
London: Macmillan and Co.
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