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==== Marginal Revolution and Marxism ====
[[Karl Marx]] acknowledged that "nothing can have value, without being an object of utility",<ref>Marx, Karl Heinrich; ''Capital'' V1 Ch 1 §1.</ref><ref>Marx, Karl Heinrich; [http://www.marxists.org/archive/marx/works/1857/grundrisse/f239-289.htm ''Grundrisse''] (completed in 1857 though not published until much later)</ref> but in his analysis "use-value as such lies outside the sphere of investigation of political economy",<ref>[[Karl Marx|Marx, Karl Heinrich]]: ''A Contribution to the Critique of Political Economy'' (1859), p. 276</ref> with labor being the principal determinant of value under capitalism.
Many scholars interpret the doctrines of marginalism and the Marginal Revolution as a response to [[Marxism|Marxist economics]].<ref name=":02">{{cite book |author-last1=Screpanti |author-first1=Ernesto |title=An Outline of the History of Economic Theory |author-last2=Zamagni |author-first2=Stefano |publisher=[[Oxford University Press]] |year=2005 |pages=170–173 |author-link1=Ernesto Screpanti |author-link2=Stefano Zamagni}}</ref> However, this view is somewhat flawed, as the first volume of ''[[Das Kapital]]'' was not published until July 1867, which was after the works of Jevons, Menger, and Walras had either been writter or were under way (Walras published {{Lang|fr|Éléments d'économie politique pure}} in 1874 and Carl Menger published ''Principles of Economics'' in 1871); Marx was still a relatively minor figure when these works were completed and it is unlikely that any of these economists knew anything about him. Some scholars, such as, [[Friedrich Hayek]] and [[W. W. Bartley III]], have suggested that Marx, may have come across the works of one or more of these economists while reading at the [[British Museum]]. However, it is also possible that Marx's inability to formulate a viable critique may account for his failure to complete any further volumes of ''Kapital'' before his death.<ref>Hayek, Friedrich August von, with [[William Warren Bartley|William Warren Bartley III]]; ''The Fatal Conceit: The Errors of Socialism'' (1988) p. 150.</ref>
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