Adam Smith homely observations, making them feel comfortable all along." Classical economists presented competing theories of those of Smith, termed the "labour theory of value". Later Marxian economics descending from classical economics also use Smith's labour theories, in part. The first volume of Karl Marx's major work, "Das Kapital", was published in German in 1867. In it, Marx focused on the labour theory of value and what he considered to be the exploitation of labour by capital. The labour theory of value held that the value of a thing was determined by the labour that went into its production. This contrasts with
Wage Labour and Capital pricing of certain commodities. Beyond that the essay explores how capital and capitalism do not service any purpose other than to gain more of it, which Marx presents as an illogical method of living one’s life. Wage Labour and Capital "Wage Labour and Capital" (German: "Lohnarbeit und Kapital") is an essay on economics by Karl Marx, written in 1847 and first published in articles in the "Neue Rheinische Zeitung" in April 1849. This essay has been widely acclaimed as the precursor to Marx’s important treatise "Das Kapital". The ideas that are expressed in the essay have a very thorough economic