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
The Social and Political Thought of Karl Marx "locate the essential elements of continuity or discontinuity" in Marx's thought and to correct misinterpretations of it. He credited Avineri with "a close and insightful reading of the whole body of the primary sources, aided by a selective and judicious reading of the secondary literature", and described his writing as "learned and at the same time limpid" and his treatment of Marx as "solidly grounded, fair, and enlightening." However, he criticized Avineri for devoting insufficient space to discussing "Das Kapital" and Marx's views on the nature of capitalist society, and for failing to address the work of the philosophers Louis