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
2807 Karl Marx 2807 Karl Marx 2807 Karl Marx, provisional designation , is a carbonaceous Dorian asteroid from the central region of the asteroid belt, approximately 17 kilometers in diameter. It was discovered on 15 October 1969, by Russian astronomer Lyudmila Chernykh at the Crimean Astrophysical Observatory in Nauchnyj on the Crimean peninsula. The asteroid was later named for revolutionary socialist Karl Marx. "Karl Marx" is a member of the Dora family (), a well-determined asteroid family of more than 1,200 known members with a carbonaceous composition. The family's namesake is 668 Dora. It is alternatively known as the "Zhongolovich family", named after