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
SC Karl-Marx-Stadt the SC Karl-Marx-Stadt from 1963 to 1989. SC Karl-Marx-Stadt SC Karl-Marx-Stadt was a sports club located at Karl-Marx-Stadt in the German Democratic Republic. Established in 1945, the sports club went through a variation of name changes until 1 July 1963, settling with SC Karl-Marx-Stadt, which lasted until its dissolution around the end of 1990. SC Karl-Marx-Stadt's figure skaters had won medals in Olympic, World, European, international and national competitions. The coach for the club's singles' ladies and men's figure skating from 1960 through 1990 (the East German club's disestablishment) was Jutta Müller, who also coached her own daughter, Gabriele Seyfert.