Chapter I: , Sec. III

[170] _Wealth of Nations_, Book I, Chapter X.

[171] _Principles of Political Economy and Taxation_, Chapter I, Sec. 1, Sec. 4.

[172] See "The Final Futility of Final Utility," in H. M. Hyndman's _Economics of Socialism_, for a remarkable criticism of the "final utility" theory, showing its identity with the doctrine of supply and demand as the basis of value.

I refer to the theory of final or marginal utility as the "so-called Austrian theory" for the purpose, mainly, or calling attention to the fact that, as Professor Seligman has ably and clearly demonstrated, it was conceived and excellently stated by W. F. Lloyd, Professor of Political Economy at Oxford, in 1833. (See the paper, _On Some Neglected British Economists_, in the _Economic Journal_, V, xiii, pages 357-363.) This was two decades before Gossen and a generation earlier than Menger and Jevons. In view of this fact, the criticism of Marx for his lack of originality by members of the "Austrian" school is rather amusing.

[173] _Principles of Economics_, by Edwin R. A. Seligman (1905), page 198.

[174] Cf., for instance, my little volume, in the _Standard Socialist Series_ (Kerr), entitled _Capitalist and Laborer_; Part II, _Modern Socialism_, page 112.

[175] _Principles of Political Economy and Taxation_, Chapter V, Sec. 35.

[176] _Value, Price, and Profit_, by Karl Marx, Chapter XIV.

[177] It is worthy of note that the taxation of land values, commonly associated with the name of Henry George, was advocated as a palliative in the _Communist Manifesto_ of Marx and Engels.

[178] _Capital_, by Karl Marx, Vol. I, Chapter XIII, of Part IV.

[179] _The Worker_ (New York), February 5, 1905.