Smith also viewed capital improvement as being the proper central aim of the economic and political system.
A major difference between Adam Smith's view of economics and that of present day capitalist theory is that Adam Smith viewed value as a product of labor, and thus operated under the Labor Theory of Value, which was used by basically all economists until the Labor Theory of Value became central to Marxism... displayed 300 characters
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Marx also observed that some people bought commodities in order to use them, while others bought them in order to sell them on at a profit.
Marx defines "capital" as money and "capitalist production" as the use of money to denominate wealth in money terms; these labels refer to John Stuart Mill's definition of value in a market economy as being the going price for a good or service... displayed next 300 characters
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