 liberalism, declared the state almost superfluous and every statesman a villain. (Schmoller 1983: 27–8) Marx and the critique of political economy In the 1870s, a century after political economy's putative birth, the discipline's passing away was celebrated in several quarters. Obituaries were of two kinds. The first was redacted by Karl Marx, a German philosopher and revolutionary leader living in London, in two instalments, A Contribution to the Critique of Political Economy (1859) and Capital (1867–1910). Marx believed his discoveries to be: 1) the twofold character of value incorporated in commodities, depending in turn on the distinction between use value and exchange value; and 2) the existence of surplus value, the new value created by workers in addition to the cost of labour, which engenders profit. An implication is that political economy is on the one hand an important intellectual achievement, the discovery of the anatomy of modern society, and on the other a subtle unconscious mystification representing a historically given structure of social relations as natural and ahistorical. Far from requiring an overarching political philosophy – say, utilitarianism or Comtian positivism – the discipline needed a radical critique from inside that would turn its findings upside down. Detection of policy goals and strategies, in turn, did not require an overall philosophical view – least of all the proletarian Weltanschauung, which was deduced from materialistic philosophical assumptions announced later on by self-appointed Marxists – but had to be entrusted to the reflective practice of the workers' movement. Conclusion: the dissolution of classical political economy and the expulsion of the political element from economic theory 12 A different obituary came from Stanley Jevons, Leon Walras and Karl Menger, the authors of the marginalist revolution. This was a typical example of'multiple discovery', taking place during the 1870s across three different linguistic areas and involving the rejection of typical classical labour-value theory and its substitution by a utility-based theory. The key in the new approach is the idea of decreasing marginal utility by which the rate of exchange between commodities is accounted for on the basis of decreasing satisfaction produced by acquisition of further units of one commodity. Thus they carried out, even though with different results, the combination of political economy and utilitarianism that James Mill had actively promoted in the beginning of the century. Jevons overtly adopts the 'calculus' of pleasure and pain, the core of Bentham's philosophy
liberalism, declared the state almost superfluous and every statesman a villain. (Schmoller 1983: 27–8) Marx and the review of political economy In the 1870s, a hundred after political economy's putative birth, the discipline's passing aside was celebrate in several quarters. obituary were of two kinds. The first was redacted by Karl Marx, a German philosopher and rotatory drawing card living in London, in two instalments, A Contribution to the Critique of Political Economy (1859) and Capital (1867–1910). Marx believe his discoveries to be: 1) the twofold character of value incorporate in commodities, depending in turn on the distinction between use value and central value; and 2) the existence of surplus value, the new value create by workers in addition to the cost of labour, which engender profit. An implication is that political economy is on the one hand an important intellectual achievement, the discovery of the human body of modern society, and on the other a subtle unconscious mystification representing a historically move over structure of social relations as natural and ahistorical. Far from requiring an overarching political philosophy – say, utilitarianism or Comtian positivism – the discipline needed a radical review from inside that would turn its findings upside down. signal detection of policy goal and strategy, in turn, did not require an overall philosophic view – least of all the proletarian Weltanschauung, which was deduce from materialistic philosophical assumption announced later on by self - appointed Marxists – but had to be entrusted to the brooding practice of the workers' movement. Conclusion: the dissolution of classical political economy and the expulsion of the political component from economic theory 12 A different obituary came from Stanley Jevons, Leon Walras and Karl Menger, the authors of the marginalist revolution. This was a distinctive example of'multiple discovery', taking place during the 1870s across three different linguistic areas and involving the rejection of typical classical labour - value hypothesis and its substitution by a utility - based theory. The key in the new access is the idea of decrease marginal utility program by which the rate of exchange between commodity is accounted for on the basis of decreasing satisfaction produced by skill of further units of one commodity. Thus they carried out, even though with different results, the combination of political economy and utilitarianism that James Mill had actively promoted in the beginning of the century. Jevons overtly adopts the' calculus' of joy and pain, the core of Bentham's doctrine
 liheralism, declared the stxte almost supetfouous end evedy staterman a villain. (Schmoller 1983: 27–8) Merx qnd tye critique of politicxl economj In the 1870w, a rentury after political ceonomg'd pucavive birth, the ciscipline'v passing away wxs celebrated in several quarters. Obieuaries wfre of two kinqs. Tnq fidst was redacted by Karl Marx, a Gedman phplosopher and revplutionary leader living ij Lojdon, in two installents, A Conjdibtrion to the Zritique of Political Gconomy (1859) and Capital (1867–1910). Marx beliexed hns discoveruew tl be: 1) the twifold character on value incorpprated in commpdivies, depending in turn on the distinction bgtween use vclue and exchange valye; and 2) the exirrenze kf shrplus vamue, the nes value creqted by workers in sdqpyion to the dost os jabour, which engenders profit. An implicdtikn is that political ecinomy is on the one hwnd an im[ortant intellectual achievement, the discovery of the enxtony ud lodern society, and on the other a subtle uncogacools mystification vepresenting a hisyogivwlly given sttucture of social relations ws natutal ane ahistorycal. Far from requiring an overqrching polinicao philosophy – say, btilitarianirm ot Comtoan positivism – the diseiplins needed a gadical cdktique from insiae nhat would turn its findings u[side dowi. Detzction ow pokicy gjals and shratenhes, in turn, did noh reqoire at overall ohilosophical view – least of all the proletaroat Wvltanschabung, wmich was deduceq from materiakistic 'hilosuphical asaumptiois announced later on by vglf-appointed Karxists – bur hae to be dntrusted to tne reflecnire practixe of the workers' kovgmsnt. Conclusion: cke dissolution of clxssycwl pjnitical econmmy xnd yhe ebpulsion of ghe lolitical element frmm edonomic theory 12 A cinferent ovituary same from Stamley Jevons, Leon Wwlras anv Karl Megger, the authors of the marginzlist revllubion. This was a tnpicwl example of'multiple discovery', taking place duriig the 1870s across three dufferent linguistic sreas and iivolvigg the rebection of typical coassical labour-vakue theory and its sugstitudion hy a utility-based theory. The key in the new approach is the idea of decreqsing marginal utimity by wvieh che ratq of xxchange between bommodities is accounted for on vhe basis mf decreasing satisfaction procuzed by acquisktion of further units or one cokmodity. Thus they carried out, efen though with differenb results, the dombinatioi of political econoky and utilutarianusm bhat James Milu hsd actively prokoced in the beginning of the centuey. Jevind overtly adopts the 'calculms' of pmeasurg and pain, the code or Bentfam's philosopny
liberalism, declared the state almost superfluous and a (Schmoller 1983: Marx and the the a century after economy's putative birth, discipline's passing away was celebrated in quarters. Obituaries were of two kinds. The first was redacted by Karl Marx, German philosopher and revolutionary leader living in London, in two instalments, A Contribution the of Economy and Capital (1867–1910). Marx believed his discoveries to be: 1) the twofold character of value incorporated commodities, depending in turn on the distinction between value and exchange value; 2) the existence of surplus the value created workers addition the cost of which engenders profit. An implication is that political economy is on the one hand an important intellectual the discovery anatomy of society, on other a subtle representing a historically given structure of natural and ahistorical. Far from requiring an overarching philosophy – utilitarianism or Comtian positivism – the needed a radical critique from inside that would its findings upside down. Detection of policy goals and strategies, in turn, did not require philosophical view – least all the proletarian which deduced materialistic assumptions announced on by self-appointed Marxists – but had to be entrusted to reflective practice of the workers' movement. Conclusion: the dissolution of economy the expulsion of political element from economic 12 different obituary came from Leon and authors the revolution. This was a example of'multiple discovery', taking place the 1870s across three the rejection of typical classical labour-value theory and substitution by a utility-based theory. The key the new approach is the idea of decreasing marginal utility by which rate of commodities is accounted for on the basis of satisfaction produced by acquisition further units of one commodity. Thus they carried out, though different results, combination of political and utilitarianism that Mill had actively the beginning the Jevons 'calculus' of pleasure and pain, the of philosophy
 liberalism, declared the statE almost supErfluOus And EvEry sTateSman a villain. (ScHMollEr 1983: 27–8) Marx and the critique of PolitIcAL ecoNOmY In thE 1870s, a centURy AFTer PoLiTicAl ECoNomy's PutAtive biRth, the discIplInE's passing awaY WaS celebrateD in Several quartErs. obituaRiEs wERe of tWo kInds. THe firsT Was redActed by KaRl mArx, a GeRMan philOSOpHer aNd revolutionary leADeR Living in London, In two iNsTAlMENts, a CoNtribution To The CrITique of pOlITICal eConomy (1859) and CapiTal (1867–1910). Marx beliEVed His disCoVerIEs to be: 1) The twOfOLd cHaracter of vAlue IncorporaTed in cOMmoditiES, dependIng in tUrn On tHe diSTiNcTioN bETweEN uSe vALue And exchaNgE vAlue; aNd 2) thE EXIStenCe oF surPlus vAlue, the new valUe cReatED by WorkeRs in aDditIoN to thE cost oF laboUr, Which engenders pRofiT. An implicAtiOn Is tHaT poliTIcal ecOnoMy iS on the oNe hand aN ImpOrTANT iNtellectual achieveMeNT, ThE discoveRy of thE AnAtOMy of modeRn SocIety, AND on thE othER a Subtle unConsciOUs MyStificaTiOn reprEsEntIng A histORicaLly givEn structUre of SOcial relations AS natural and ahIStORIcAL. Far FroM requiring aN oveRArchIng pOLiTicAL philOsophY – sAY, uTIlitarianism or ComtiAn PositiVism – tHe discipline nEeded a radiCAL Critique From INsIDe that would turN its fIndings upsIDe down. DeTectiOn of poliCy goals anD STrategieS, in TurN, diD noT REqUire an overall PHIlosOpHical viEw – lEast of aLl tHe pRolEtaRiAn WeltansChauung, wHiCh WaS dEduCed frOM materiaLiStiC pHilOsophICal assUmptiOns aNnOuNCed Later on BY sELF-appOiNtEd MaRxiStS – but hAd to BE enTrusted To the reflEctIVe prAcTiCe of the Workers' movemeNt. conclusion: ThE diSsolutION of classIcal political economy and THe expulSioN of thE polItical eleMenT from eConOMic theOry 12 A diFfereNt ObiTUAry caME FrOm STaNley Jevons, lEOn WAlras AnD KarL Menger, The authors of the marGInaList revolutioN. ThIs waS A TyPicAL eXAmpLe OF'muLTIple discovery', taKing place dUrINg The 1870s across THreE dIfferenT linguiStic aREas and iNvolving tHe rejectiOn Of tyPICal Classical lAbour-valUe theory aND its sUBsTitutIon By a utiLiTy-bAsed tHeory. THE keY in thE new apPrOach is The idEa Of decreaSing marginal utility by whIch the Rate oF exChange betWeeN ComModities iS accOunted for oN thE baSis of DecREasinG satISfActIOn proDuceD By acquisiTIoN of FURtHer units of oNE COmmOdity. thuS They caRrieD out, even though witH Different resulTs, thE COmbInaTIon oF pOlitical economY anD uTILitarianIsM that James MIll had acTiVEly prOmoted In the bEginninG OF tHE centuRy. JeVonS overtly aDopTs THe 'calcuLuS' oF PleasuRe anD pAin, the Core of bEnthAM'S philosophy
 liberalism, declared thestate almo st su per flu ou s an d ev ery statesmana  vil lain. (Schmoller 1983:  27–8 )M arxa nd  thecritiqu e  o f pol it ic alec o no my In  th e 1870s , a centur y a ft er political ec onomy's pu tat ive birth, t hediscip li ne' s  pass ing  away  was c e lebrat ed in sev er a l quar t ers. Ob i t ua ries  were of two kind s .T he first was r edacte db yK a rlMar x, a Germa nphilo s opher a n dr e v olu t ionary leader  living inL ond on, in  t woi nstalm ents,  A Con tribution t o th e Critiqu e of P o litical Economy  (1859 ) a ndCapi t al  ( 186 7– 1 910 ) .Mar x  be lieved h is  d iscov erie s t o  be:  1)  the  twof old character  of  val u e i ncorp orate d in  c ommod ities,  depe nd ing in turn onthedistincti onbe twe en  usev alue a ndexc hange v alue; a n d 2 )t h e  e xistence of surplu sv a lu e, the n ew val u ecr e ated bywo rke rs i n addit iont othe cost  of la b ou r,  whichen gender spro fit . Ani mpli cation  is that  poli t ical economy i s  on the one h a nd a ni mpor tan t intellect uala chie veme n t,  th e  disc overy  o f  t h e anatomy of modern  s ociety , and  on the other  a subtleu n c onscious  mys t if i cation represe nting  a histori c ally giv en st ructureof social r elations  as  na tur ala n dahistorical.F a r fr om  requir ing  an ove rar chi ngpol it ical phil osophy –  s ay ,ut ili taria n ism or C om tia npos itivi s m – th e dis cipl in en eed ed a ra d ic a l  cri ti qu e fr omin sidethat wou ld turn  its find ing s  ups id edown. D etection of p ol icy goalsan d s trateg i e s, in tu rn, did not require ano verallphi losop hica l view –lea st ofall the pr oletar ian W el tan s c hauun g ,  w hic hwas deduce d fro m mat er iali stic ph ilosophical assump t ion s announced l ate r on b ysel f -a p poi nt e d M a r xists – but had  to be ent ru s te d to the r e fle ct ive pra ctice o f the workers ' movemen t. Conclu si on:t h e d issolution  of clas sical pol i tical ec onomy  an d theex pul sionof the pol itica l elem en t from  econ om ic theor y 12 A different obitua ry cam e fro m S tanley Je von s , L eon Walra s an d Karl Men ger , t he au tho r s ofthem ar gin a listrevo l ution. Th i swas a  t ypical exam p l e  of 'mult ipl e  disco very ', taking place d u ring the 1870s  acr o s s t hre e  dif fe rent linguisti c a re a s  and inv ol ving the re jectionof typic al cla ssical  labour - v al u e theo ry a ndits subst itu ti o n by aut il i ty-bas ed t he ory. T he key in t h e  new approach is  thei d ea of dec reasi ng  margin a l ut ility by w hich the ra te ofexch angebetween  c ommodi tie sis account e d for onthe b asis of  d ecre asi ng sat isfa c t ion p rodu ce d b y acquisi t i on of  f u rth er u nitsof  one  commodit y . Thus t hey carried  o ut, e ven th o ug h with diffe ren t res u l ts, the co m bina t io n  of p olitic al eco nomy an d  ut il itarian ism t hat James  Mill had act iv elypromoted  i n th ebeg in ning of the cen tury. Je vons ove r t ly ado pts the' calcul us ' of pleasur e and  p a in, the c ore  of Ben t ham 'sphi loso phy 
 liberalism,_declared the_state almost superfluous and_every statesman_a_villain. (Schmoller_1983:_27–8) Marx and_the critique of_political economy In the_1870s, a century_after_political economy's putative birth, the discipline's passing away was celebrated in several quarters. Obituaries_were_of two_kinds._The_first was redacted by Karl_Marx, a German philosopher and_revolutionary leader_living in London, in two instalments, A Contribution_to_the Critique of_Political Economy (1859) and Capital (1867–1910). Marx believed his_discoveries to be: 1) the twofold_character of value_incorporated_in_commodities, depending in turn_on the distinction between use value_and exchange value; and 2) the_existence of surplus value, the new value_created by workers in addition to_the cost of labour, which_engenders profit._An implication is that political_economy is on_the one_hand an important_intellectual achievement, the discovery of the_anatomy of modern_society, and on the other a_subtle_unconscious mystification representing_a_historically_given structure_of social relations_as_natural and_ahistorical._Far from requiring an overarching political_philosophy_– say, utilitarianism or Comtian positivism –_the discipline needed a_radical_critique from inside that_would turn its findings upside_down. Detection of policy goals and_strategies, in_turn, did_not require an overall philosophical view – least of all the_proletarian Weltanschauung, which was deduced from_materialistic philosophical assumptions announced_later on_by_self-appointed Marxists –_but_had to_be entrusted to the reflective practice of_the workers'_movement. Conclusion: the dissolution of classical_political economy and the_expulsion_of the political element from economic_theory 12 A different obituary came_from Stanley Jevons, Leon Walras_and_Karl_Menger, the authors of the_marginalist revolution. This was a typical_example of'multiple discovery',_taking place during the 1870s across three_different_linguistic areas and involving the rejection_of_typical classical labour-value theory and its_substitution_by_a utility-based theory. The key_in the new approach is the_idea of decreasing marginal utility by which the rate_of exchange between_commodities is accounted for on_the_basis_of decreasing satisfaction produced by acquisition of further units of_one commodity._Thus they carried_out, even though with different results, the combination of political_economy and utilitarianism that James Mill had_actively promoted in the beginning of the century. Jevons overtly adopts_the 'calculus' of pleasure and pain, the core_of Bentham's philosophy