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
Nikolai Danielson in radical political circles and took interest in one of the populist "narodnik" movement. In 1872, Danielson published the first Russian translation of volume 1 of "Das Kapital" by Karl Marx. The translation had been initiated by Mikhail Bakunin before Bakunin's break with Marx and had been continued by German Lopatin. While completing the translation, Danielson initiated a correspondence with Karl Marx and Friedrich Engels, which continued for the rest of their lives. Danielson also translated volumes 2 and 3 of "Das Kapital", which were published in 1885 and 1896. In 1880 Danielson published the article "Studies of Our Post-Reform