Search Books

  • Search Full Site
  • Display Book Titles
  • Display Book Paragraphs
1 paragraph found in the 1 Book listed below
Principles of Political Economy with some of their Applications to Social Philosophy; Mill, John Stuart
1 paragraph found.
Bibliographical Appendix
A.Bib.34

It is on this subject—as to which Mill remarked, in 1848, that "happily there is nothing in the laws of value which remains for the present or any future writer to clear up; the theory of the subject is complete" (p. 436)—that theoretic discussion has mainly turned during the last four decades, owing chiefly to the writings of Jevons, of Menger and the other representatives of the Austrian school, and of Clark and his American followers. The characteristic of all these writers is to approach the problem from the side of demand, and to find the key to value in Final or Marginal Utility (Grenznutz). The best introduction to the discussion is through Jevons, Theory of Political Economy (1871; 2nd ed. revised, 1879), chs. 3 and 4; and through Bonar's article on The Austrian Economists in the (Harvard) Quarterly Journal of Economics, iii. (Oct. 1888); and Smart, An Introduction to the Theory of Value on the lines of Menger, Wieser and Böhm-Bawerk (1891). Wieser's Natural Value (Eng. trans. 1893) attempts to apply the doctrine to the whole problem of Distribution. For the present state of the discussion see Marshall, Principles, i. bk. v.; Clark, Essentials, chs. 6 and 7; and Schmoller, Grundriss, §§ 171-2 (in French, Principes, vol. iii.).