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
Grundrisse Grundrisse The Grundrisse der Kritik der Politischen Ökonomie ("Fundamentals of Political Economy Criticism") is a lengthy, unfinished manuscript by the German philosopher Karl Marx. The series of seven notebooks were rough-drafted by Marx, chiefly for purposes of self-clarification, during the winter of 1857-8. Left aside by Marx in 1858, it remained unpublished until 1939. The "Grundrisse" is very wide-ranging in subject matter and covers all six sections of Marx's economics (of which only one, the first volume of "Das Kapital", ever reached a final form). It is often described as the rough draft of "Das Kapital", although there is considerable