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
Karl Marx Monument nickname for the monument: "Nischel", which is derived from the Central German term for head or skull. After renaming the city and the district of Chemnitz into Karl-Marx-Stadt on May 10, 1953 for Karl Marx Year, the East-German government decided to honor the namesake of the city, and hired a Soviet sculptor, Lev Kerbel, to design a monument. The monument was cast in the art foundry Monument Skulptura in Leningrad in bronze and then broken down into 95 pieces. In Karl-Marx-Stadt, these items were to be welded together again, but the Soviet technology was not suitable. Instead, it was decided