 The early utilitarians, grounded in British empiricism, laid the foundation for both the classical school of political economy and for neoclassical economics that commenced with the Marginal Revolution of the 1870s. Jeremy Bentham, John Stuart Mill and Henry Sidgwick made major contributions to the moral doctrine of utilitarianism and to political economy. It is important to distinguish the moral doctrine of utilitarianism from the utility theory of value that unpacks the formation of prices. Utilitarianism provided a framing for economic thought from the seventeenth century, whereas the utility theory of value, while broached multiple times in the eighteenth and nineteenth centuries, only replaced the labor theory of value in the 1870s.