AN INTRODUCTION TO THE THEORY OF VALUE [Illustration] MACMILLAN AND CO., LIMITED LONDON · BOMBAY · CALCUTTA · MADRAS MELBOURNE THE MACMILLAN COMPANY NEW YORK · BOSTON · CHICAGO DALLAS · SAN FRANCISCO THE MACMILLAN CO. OF CANADA, LTD. TORONTO AN INTRODUCTION TO THE THEORY OF VALUE ON THE LINES OF MENGER, WIESER, AND BÖHM-BAWERK BY WILLIAM SMART, M.A., D.PHIL., LL.D. ADAM SMITH PROFESSOR OF POLITICAL ECONOMY, UNIVERSITY OF GLASGOW MACMILLAN AND CO., LIMITED ST. MARTIN’S STREET, LONDON 1920 _COPYRIGHT._ First Edition 1891. Second Edition 1910. Third Edition 1914. Fourth Edition 1920. GLASGOW: PRINTED AT THE UNIVERSITY PRESS BY ROBERT MACLEHOSE AND CO. LTD. To W. S. H. PREFACE TO THE SECOND EDITION, 1910