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 Year Karl Marx Year Karl Marx Year () was a series of anniversaries of Karl Marx commemorated by East Germany in 1953, 1968, and 1983. The most promininent was in 1953, for the 70th anniversary of Marx's death, and included the renaming of Chemnitz as Karl-Marx Stadt and of Leipzig University as Karl Marx University, the founding of the Order of Karl Marx, and the initiation of the project of Marx and Engels' works. The 1968 commemoration marked the 150th anniversary of his birth, and 1983 the 100th anniversary of his death. West Germany also commemorated Marx in anniversary years, with