Introduction

Classical physics had among its great discoveries the formulation of laws of motion, the concept of energy conservation and the exploration of thermodynamics and statistical mechanics. Within this framework the concepts of energy and work played a central role. For the classical economists, work (labour) was also central. They concerned themselves with how work was done, how to make labour more efficient, and how labour’s product is divided among the different classes of society. So we have Smith saying

Labor was the first price, the original purchase-money that was paid for all things.