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
Francis Wheen journalism. Wheen is the author of several books, including a biography of Karl Marx which won the Deutscher Memorial Prize in 1999, and has been translated into twenty languages. He followed the biography of Karl Marx with a "biography" of "Das Kapital", which follows the creation and publication of the first volume of Marx's major work as well as other incomplete volumes. Wheen had a column in "The Guardian" for several years. He writes for "Private Eye" and is currently the magazine's deputy editor. His collected journalism, "Hoo-hahs and Passing Frenzies", won him the Orwell Prize in 2003. He has