An introduction to the theory of value

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About this book

"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.