1. The history contained in the preceding ten chapters covers but a limited number of English writers. At the time of writing, a short list of economists was drawn up in advance, which enumerated the thinkers at that time generally regarded as the leaders in the development of the old English political economy. It was stated at the outset that the purpose was to review the opinions of these writers only. An endeavor was made to define this purpose as being to make an _intensive_ rather than an _extensive_ study of the history of English theory. By an extensive study we should mean the effort to discover writers who have made important contributions to the thought the history of which is being traced, but have been previously unrecognized or insufficiently accredited. Such examinations into the history of English economic literature will probably in the immediate future result in important alterations in what might be called our accepted lists of chief writers. It will be found that thinkers now supposed to have expressed the doctrines of their time with the greatest clearness and power were in some cases surpassed in these points by writers at present almost or quite forgotten. Or it will be found perhaps that new ideas—such for instance as the conception of marginal utility—really originated earlier than at present supposed. A brief time elapsed between the writing of the tenth and the eleventh chapters of this essay. But in this period there has been published a discussion of the work of some earlier British economists, which establishes beyond a doubt that the marginal utility theory of value was conceived and formulated in most excellent fashion by an English writer as early as 1833, two decades before Gossen and a generation before Menger, Jevons and Walras. The English writer was W. F. Lloyd, Professor of Political Economy at Oxford. A full description of Lloyd’s theory, with citations showing the excellence of its statement, appeared in _The Economic Journal_, over the signature of Professor Seligman, of Columbia University.[196] Professor Seligman has called attention to still another writer of great consequence because of his contributions to the theory of value. This is Mountifort Longfield who, as Professor Seligman states, in 1833 gave an able exposition of what is now the modern doctrine of marginal demand and marginal cost.[197]