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-Hof Karl Marx-Hof Karl-Marx-Hof (English: "Karl Marx Court") is one of the best-known "Gemeindebauten" (English: "municipal tenement complexes") in Vienna, situated in Heiligenstadt, a neighbourhood of the 19th district of Vienna, Döbling. At over a kilometre in length () and spanning four Straßenbahn (tram) stops, Karl-Marx-Hof is the longest single residential building in the world. Karl-Marx-Hof is built on land that, until the 12th century, had been under the waters of the Danube, deep enough for ships to travel over the area. By 1750, all that remained was a pool of water, which was drained on the order of Holy Roman