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WIESER, Friedrich von.

Natural Value.

Edited with a Preface and Analysis by William Smart. The translation by Christian A. Malloch.

Macmillan and Co., London , 1893 Stock Code: 124134
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First English language edition, first impression of a classic of economics, in which the author attempts to apply marginal utility analysis to the determination of cost. Wieser (1851-1926) was one of the leading exponents of the Austrian, or "subjective", school of economics. In his first book, Über den Ursprung und die Hauptgesetze des wirtschaftlichen Werthes (1884), which already foreshadowed theories of the present work, Wieser introduced the term Grenznutzen (marginal utility). The book earned him a lectureship at the University of Vienna. "Here he continued to work on the same problems and also on what he regarded merely as a first step toward a theory of value that was to be fully developed in the present work. He employed the expository device of studying value in a centrally directed economy and suggested possible applications of utility theory to public finance. The book gained him almost immediate acclaim, and it was soon translated into English" (Friederich von Hayek in IESS).

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Octavo. Original brown pebble grain cloth, spine lettered in gilt, triple rules to covers in blind, black endpapers.


Dark marks to spine, spine ends a little rubbed, pages unopened, rip to top of leaf B1, top edge soiled. A very good copy.


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