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
Theories of Surplus Value "Das Kapital" and in several letters during the following ten years, Friedrich Engels had indicated his intention to publish the manuscript of "Theories of surplus-value". However, although he succeeded in publishing the second and third volume of ‘’Das Kapital’’, he was unable to publish the "Theories" before he died in 1895. The out-of-print Progress Publishers English edition of TSV is available online: Theories of Surplus Value Theories of Surplus Value () is a draft manuscript written by Karl Marx between January 1862 and July 1863. It is mainly concerned with the West European theorizing about "Mehrwert" (added value or surplus-value)