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 Library Publishers of New York City, and Lawrence and Wishart of London. The abruptly-terminated series proved to be a short-lived focal point for Marx scholarship during the first half of the decade of the 1970s. The formal Karl Marx Library series was terminated in 1977, with two tangential volumes by Padover subsequently published during the last years of his life, including a full-length biography of Marx. An ambitious scholarly project entitled "The Karl Marx Library" was launched in 1971 by historian and Karl Marx scholar Saul K. Padover. A total of 13 volumes were projected for the series, each to contain