Project Gutenberg 2025-07-09 Public domain in the USA. 216 Smart, William 1853 1915 An introduction to the theory of value : $b On the lines of Menger, Weiser, and Böhm-Bawerk $aLondon :$bMacmillan and Co., $c1920. Tim Lindell and the Online Distributed Proofreading Team at https://www.pgdp.net (This file was produced from images generously made available by The Internet Archive/Canadian Libraries) "An introduction to the theory of value : On the lines of Menger, Weiser, and…." by William Smart is an introductory economics treatise written in the late 19th century. It lays out the Austrian School’s view that value is rooted in subjective judgments of utility and scarcity, showing how personal valuations, not inherent properties of goods, give rise to prices. Smart’s aim is to translate and clarify the ideas of Menger, Wieser, and Böhm-Bawerk for English readers, stressing marginal utility, the demand side of value, and the bridge from personal appraisals to market prices. It will appeal to readers seeking a clear, student-friendly foundation in value and price theory. The opening of this treatise frames the work through brief prefaces and a roadmap of chapters, then defines value with care: distinguishing subjective (personal) value from objective (capacity-based) measures, and criticizing the old “use value vs. exchange value” division. It argues that utility is broader than value and that value appears when a want is felt to depend on a specific good, introducing marginal utility via vivid cases (the sailor’s biscuits, Crusoe’s corn) to explain why scarcity and the last satisfied want set value. Subsequent sections handle complications (durable vs. perishable goods, groups of “complementary goods,” capitalized value), clarify “foreign” or indirect valuations when losses are shifted, and show how usefulness and scarcity jointly set the marginal level. The text then separates subjective from objective exchange value, explains money’s role as anticipated use value, and moves to price formation under competition, deriving market price from the meeting of many subjective valuations—the marginal pair of buyers and sellers that sets the going rate. (This is an automatically generated summary.) https://archive.org/details/introductiontoth00smar/page/n9/mode/2up 20200527020740smart 1920 GB Reading ease score: 53.1 (10th to 12th grade). Somewhat difficult to read. en Value Austrian school of economics HB Text Category: Economics 239333 2025-07-30T08:19:54.203307 text/html 211019 2025-07-09T18:04:05 text/html 260350 2025-07-30T08:20:00.656313 application/epub+zip 258706 2025-07-30T08:19:55.939303 application/epub+zip 251220 2025-07-30T08:19:55.016279 application/epub+zip 753213 2025-07-30T08:20:04.161260 application/x-mobipocket-ebook 723647 2025-07-30T08:19:59.958269 application/x-mobipocket-ebook 194397 2025-07-30T08:19:53.536294 text/plain; charset=us-ascii 174388 2025-07-09T18:04:05 text/plain; charset=us-ascii 14088 2025-07-30T08:20:04.309251 application/rdf+xml 15474 2025-07-30T08:19:55.338293 image/jpeg 2617 2025-07-30T08:19:55.189300 image/jpeg 346668 2025-07-30T08:19:54.228312 application/octet-stream application/zip Archives containing the RDF files for *all* our books can be downloaded at https://book.klll.cc/wiki/Gutenberg:Feeds#The_Complete_Project_Gutenberg_Catalog en.wikipedia