[200] "On the Concept of Social Value," Quar. Jour. Econ., Feb., 1909, pp. 226-27.
[201] See Wealth of Nations, introductory part of chap. viii of bk. i (pp. 66-67 of the Cannan ed.) For Ricardo, see Works, McCulloch ed., London, 1852, p. 15. Adam Smith seems occasionally to use value in the relative sense, as on p. 183 of vol. ii of the Cannan ed. Ricardo, though indicating that he is concerned only with relative values on the page cited supra, still speaks of values as simultaneously falling, in ch. xx, on "Value and Riches," which, of course, is impossible on the basis of the relative concept. There is no point to torturing these passages unduly, however, in the effort to find our distinctions in them.
Professor Seligman calls my attention to a most interesting forty-page discussion of the theory of value by W. F. Lloyd, A Lecture on the Notion of Value, as Distinguishable not only from Utility, but also from Value in Exchange. The lecture was delivered before the University of Oxford, in Michælmas Term, 1833, and published, in accordance with the rules of the foundation which provided funds for the lecture, in London, 1834. The writer insists on the conception of value as absolute, and devotes pp. 30-40 to a defense of the absolute conception. He cites the passage in Adam Smith referred to supra, in which Smith distinguishes real dearness from apparent dearness (introductory part of chap. viii of bk. i). The most striking thing about this lecture, however, is its anticipation of Jevons's doctrine of marginal utility, and its emphasis upon the subjective character of value. The word, margin, is used in virtually the sense in which Jevons uses it, on p. 16.
The book is very rare,—only three copies, one in Professor Seligman's library, one in the British Museum, and one in the Goldsmiths' (formerly Foxwell) Library in London, are known to exist. It seems to have made no impression upon the economists of the time of its publication. A reprint to-day would enable the economic world to do belated justice to a very acute and original thinker. Cf. Professor Seligman's article "On Some Neglected British Economists" in the Economic Journal, vol. xiii, esp. pp. 357-63.
[202] Principles, bk. iii, chap. xv, par. 2.
[203] Leading Principles, editions of 1878 and 1900, pp. 12-13.
[204] Psychologie Économique, vol. i, pp. 77-78.
[205] Scott, Money and Banking, 1903 ed., p. 60.
[206] Cf. Schumpeter, Quar. Jour. Econ., Feb., 1909, pp. 226-27.
[207] See supra, p. 163, n.