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
Biographies of Karl Marx Biographies of Karl Marx Karl Marx (5 May 1818 – 14 March 1883) was a German philosopher, economist, sociologist, journalist, and revolutionary socialist. Born in Trier to a middle-class family, he later studied political economy and Hegelian philosophy. For a general review of Karl Marx biographies, see the article "Karl Marx: An Overview of his Biographies" by Angelo Segrillo. Karl Marx: The Story of His Life () is a 1918 book about Karl Marx by Franz Mehring, a German historian. Considered the classical biography of Marx, the work has been translated into many languages, including Russian (1920), Danish (1922), Hungarian