INTRODUCTION TO THE THEORY OF VALUE By William Smart 1966 Augustus M Kelley

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PREFACE TO THE SECOND EDITION,

1910.

THIS little book was written in 1891, when I was fresh from my translations of Böhm-Bawerk and somewhat overborne, perhaps, by the ideas of his school. It has been out of print for many years, and, although often pressed to republish it, I refrained, for the reason that a busy life had prevented me returning to the later developments of that school. But I still feel, as I did when I wrote it, that my English-speaking colleagues have never given suffi- cient attention to that side of the one Theory of Value (for there is only one, however much individuals may emphasise the demand side or the supply side) which Jevons first laid stress on. Having now mortgaged my life to what seems to me the greater claim of writing the Economic Annals of the Nineteenth Century, the most I can do is to reprint the edition of 1891, with a few verbal alterations, submitting it as no more than it originally professed to be-an Introduction to the theory which lies at the centre of