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If the break came with Menger, there is a problem in explaining how Samuel 
Bailey could have articulated so clearly the view that value had no meaning 
other than as a relative concept, and that it was subjective, as early as 
1825. His book was very widely read (I think Blaug's Ricardian Economics 
discusses his impact, but I have not been able to check this). I am not 
claiming he understood opportunity cost but he came very close indeed. The 
book is on the HET Documents site and is well worth consulting on this 
topic. 
 
He was not the first, but I leave it to French or Italian colleagues to 
cite earlier examples relevant to the discussion. 
 
Roger Backhouse 
 
 
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