The concept of what leads to wealth was initially probed by Smith. Certain ideologies that were professed by Smith were openly rejected by Marx. Nevertheless, certain ideas were interpreted from a different perspective by Marx. For example, it was stated by Smith that there was a social need that drives production, Marx had used this idea to stress upon the value of commodity (Veblen, 2015).
Division of labor was originally formulated by Smith. This states that there has been creation or accumulation of wealth based on the division of labor. Each worker had a claim in the wealth of the society. Marx claimed a more systematic approach to the labor theory of value. Marx was essentially divided with Smith in this aspect. He stated that Smith in general was very accepting of the division of labor. Smith postulated the invisible hand theory which was to promote individual self interest that would eventually lead to the benefit of the society (Durkheim, 2014). Marx was esp. critical of this theory.
Some of the key notions of Ricardo have influenced Marx. He had a more systematic analysis of the division of labor in the case of the theory that was proposed by Ricardo. The use value of the products was not considered, but the exchange value of the products was considered. Ricardo considered the value of the commodities as an exchange for the labor that was required to create the final deliverable (Pilling, 1972). Profit was created based on the amount of capital that was utilized. Ricardo states that there was only a limited supply of land and this would hinder development. There was a declining rate of products which stated that in the future it will only be decline. This is a rather grim view that was taken by Ricardo. There have been a number of issues that were raised by Ricardo against the capitalistic owners. This was a popular rhetoric that was used by the trade unions (Pilling, 1972). Marx used certain key concepts that were postulated by Ricardo for this theory.
To understand the theories that have been postulated by Marx, it is important to understand how he addressed the values of the objects. This has been explained in detail in the following.
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