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According to Marx, profit is the difference between the value that the worker has created and the wage that the worker receives from his employer. When Marx firmly established this principle, the Labor Theory of Value was criticized and abandoned by supporters of capitalism.

Although Smith accepted that competition for better profits and wages could turn individual self-interest into socially productive labor, he also was aware that these same values of self-interest would help ensure that every effort was made to lessen competition...

When Marx firmly established this principle, the Labor Theory of Value was criticized and abandoned by supporters of capitalism.

Although Smith accepted that competition for better profits and wages could turn individual self-interest into socially productive labor, he also was aware that these same values of self-interest would help ensure that every effort was made to lessen competition...

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