Economics wealth (capital) and a constant population size. Marxist (later, Marxian) economics descends from classical economics. It derives from the work of Karl Marx. The first volume of Marx's major work, "Das Kapital", was published in German in 1867. In it, Marx focused on the labour theory of value and the theory of surplus value which, he believed, explained the exploitation of labour by capital. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production and the theory of surplus value demonstrated how the workers only got paid
Karl Marx and the Close of His System Karl Marx and the Close of His System Karl Marx and the Close of His System () is a critique of Karl Marx's economic theories by the Austrian economist Eugen Böhm von Bawerk, published in English translation in 1898. Böhm von Bawerk's work first appeared in 1896, in "Staatswissenschaftliche Arbeitern: Festgaben für Karl Knies", a collection of essays in honor of the German economist Karl Knies. It was published as a separate work later in 1896, and appeared in Russian translation in 1897 and in English translation in 1898. Bawerk provides a critique of Marx's "Capital". Examining Marx's theory of