Prof Wolff explains how a concept in the Wealth of Nations inspired Karl Marx to write his own Labor Theory of Value- a very important concept to explain how capitalism works.
"For Marx, as one of the many people who marveled at what Smith had written, here was something spectacular. For Marx, it was the linkage of the value of the things that we see produced in the world as linked to, as dependent on, as created by labor. For Marx, it put labor at the center of what economics was all about. Adam Smith and the people who follow him saw something very valuable in that line, but it was different from what Marx thought." - Richard Wolff
This is a clip from S12 E28 of Economic Update: Twin Upsurges - Unionizing and Left Politics
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