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
Karl Marx Library Karl Marx Library The Karl Marx Library is a topically-organized series of original translations and biographical commentaries edited by historian and Karl Marx scholar Saul K. Padover (1905-1981) and published by academic publisher McGraw-Hill Books. Originally projected as a 13 volume series at the time of its launch in 1971, ultimately only 7 volumes found print prior to Padover's death, supplemented by a biography and an unnumbered volume of selected correspondence. The scholarly utility of the series was severely undermined by the 1975 launch of the 50 volume "Marx-Engels Collected Works" project jointly published by Progress Publishers of Moscow, International