The work of the classical economists was primarily one of deduction. In a sense it is a tribute to their capacity to draw corollaries and conclusions from basic principles accepted as established truths. The finely spun theoretical model which they constructed was not long immune from attack by several quarters. As we shall see in Chapter XVI, the Marxian Socialists took the labor theory of value and used it to advocate the overthrow of capitalistic society. [excerpt]
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Bloom, Robert L. et al. "10. Criticism and Revision of Classical Economics. Pt XIV: The Industrial Revolution, Classical Economics, and Economic Liberalism." Ideas and Institutions of Western Man (Gettysburg College, 1958), 55-62.