The paper assesses historic significance of S.N. Bulgakov’s criticism he leveled at political economy and its objectives in his books From Marxism to Idealism and Philosophy of Economy. The crucial points of criticism and challenges are elucidated and then the modern economic theory is exhibited in the context of those problems, which Bulgakov believed must be solved to permit further development of economic science.

Keywords: political economy, neoclassical theory, world outlook, philosophy of economy.