The following articles are reproduced here as Appendices I and II because they give a picture of the events in the field of monetary and credit policy in the United States from 1949 to the middle of 1954, and of the comments they called for.

Since about the middle of 1953 production in the United States has been receding; unemployment has been rising and has reached quite substantial proportions in some places and in some industries. In some circles of entrepreneurs, but above all in circles of trade unions, the future is regarded with apprehension. A number of theoreticians of standing, including the Australian economist Colin Clark, forecast a further very severe deterioration of the situation.

A  |  B  |  C  |  D  |  E
F  |  G  |  H  |  I  |  K
L  |  M  |  N  |  O  |  P
R  |  S  |  T  |  U  |  W

A

Acceleration principle, 139–144;

and business cycles, 167–168

Agriculture, 42, 177

Analysis, 25–26, 115–116, 142

FOREWORD

PREFACE

PART II. THE CHANGING ECONOMY

PART III. THE ECONOMY IN INFLATION AND DEFLATION

PART IV. THE BUSINESS CYCLE

PART V. PRICE FORMATION ON STOCK MARKETS

APPENDIX I. PROSPERITY BY INFLATION

APPENDIX II. THE ECONOMIC SITUATION IN THE UNITED STATES

AN INTRODUCTION

TO THE

THEORY OF VALUE

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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

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1931

COPYRIGHT

First Edition 1891.
Second Edition 1910.
Third Edition 1914.
Fourth Edition 1920.
Reprinted 1923, 1926, 1931.

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To

W. S. H.