ABSTRACT
Classical political economy focused on the objective conditions of production. This chapter presents a brief overview of the reception of Austrian and Walrasian marginalism in Russia. According to Tugan-Baranovsky's presentation, subjective value is determined by human will, through the evaluation of the ability of a good to satisfy one's needs: Only the theory of marginal utility explains the dependence between the value of goods and their ability to satisfy the needs in different degrees, in full agreement with facts. These different degrees and scales were invariably represented by Tugan-Baranovsky as so-called 'Menger's schemes'. The theory of exchange is the stepping-stone to Walras's pure economics, itself a component of his tripartite vision of political economy. Marginalism was welcomed by the critics of Marx as a useful complement. As a consequence, they retained from marginalism only a theory of exchange, and discarded the theory of production.
