Theory of Marginal Value

Whilst the greatest effort has been made to ensure the quality of this text, due to the historical nature of this content, in some rare cases there may be minor issues with legibility. The purpose of this treatise is not to give an entire system of economics, but to initiate the student in the methods, notions, or fundamentals of the marginal theory, and at the same time to carry him so far as to enable him to work out the problems for himself. Hence the first part of this book has been worked out in great detail, contrasting the rather condensed exposition of the difficult 4th and 5th parts, where the student, in a lesser degree, needs the guidance of his teacher. This book does not contain anything about the mechanics of economics, being reserved for a second volume.<br><br>In order to avoid delay the diagram blocks, used in the Danish edition, have been utilised in the English version; in some of the diagrams Danish words appear, and although their general sense is obvious, I would note the more important cases: In Diagram Xlla and Xllb, maengde curve stands for curve of quantity; 'Nodvendighedsvare for necessary, and luxusvare for luxury. In Diagram XVI. (pp. 185-6) arbulyst stands for disutility of labour, and varens Nytte for utility of the commodity, and pengenes-nytte for utility of money. In some cases the diagrams have been drawn in terms of Danish Krone, but these have been interpreted in the text in terms of English shillings.<br><br>I am indebted to Messrs. Fred Zeuthen, M. A. (Copenhagen), Hugh Dalton, M. A., Cambridge, and Thomas A. Joynt, M. A., Edinburgh, for valuable advice both as to form and matter, and to the latter for his patience and courtesy in reading of the proofs.