Marx's Criticism of Adam Smith

tags : [[Marx]] [[Adam Smith]]

From Capital Vol. 1

From Capital Vol. 2

Marx’s criticisms of Smith in Chapter 10 of Volume 2 amount to Smith not understanding different forms of capital. Smith doesn’t distinguish between fixed or fluid capital, and makes errors in determining what wages are to workers.

• Marx criticizes Adam Smith for believing that wages are a form of capital
• Marx criticizes Smith practically every other sentence for confusing constant and variable capital