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 1472) running to some 200 printed sheets in length: it is the first systematically worked out draft – though still only rough and incomplete – of all four volumes of "Capital". "Theories of Surplus Value" forms the longest (about 110 printed sheets) and most fully elaborated part of this huge manuscript, and it is the first and only draft of the fourth, concluding volume of "Capital". Marx called this volume, as distinguished from the three theoretical volumes of "Das Kapital", the historical, historico-critical, or historico-literary part of his work. Marx began to write "Theories of Surplus Value" within the framework