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
Capitalism to the 1660s; reference to "the unemployed" as a group was first made in 1782, and reference to "unemployment" as a general condition is first attested in 1888. The first recorded discussion of the reserve army of labor is in a manuscript written by Karl Marx: Marx introduced the concept in chapter 25 of the first volume of "Das Kapital", which states: His argument is that as capitalism develops, the organic composition of capital will increase, which means that the mass of constant capital grows faster than the mass of variable capital. Fewer workers can produce all that is necessary