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| 001 | 76470 | ||
| 003 | UtSlPG | ||
| 005 | 20260610134753.0 | ||
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| 008 | 260607r20251920utu|||||o|||||||||||||| d | ||
| 040 | _aUtSlPG | ||
| 041 | 7 |
_aen _2iso639-1 |
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| 050 | 4 | _aHB | |
| 100 | 1 |
_aSmart, William, _d1853-1915 |
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| 245 | 1 | 3 | _aAn introduction to the theory of value |
| 264 | 1 |
_aSalt Lake City, UT : _bProject Gutenberg, _c2025 |
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_a1 online resource : _bmultiple file formats |
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_atext _btxt _2rdacontent |
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_acomputer _bc _2rdamedia |
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_aonline resource _bcr _2rdacarrier |
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| 500 | _aRelease date is 2025-07-09 | ||
| 508 | _aTim 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) | ||
| 520 | _a"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.) | ||
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_pOriginally published: _cLondon: Macmillan and Co., 1920 |
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| 653 | _aValue | ||
| 653 | _aAustrian school of economics | ||
| 856 | 4 | _uhttps://archive.org/details/introductiontoth00smar/page/n9/mode/2up | |
| 856 | 4 | 0 | _uhttps://www.gutenberg.org/ebooks/76470 |
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_c117195 _d117195 |
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