ABSTRACT
This chapter introduces a variety of perspectives and data. By the mid-1700s, the physiocrats in France began expressing another economic perspective. Organizations had pools of secretaries to prepare the letters, a large purchasing department that monitored inventory and issued purchase orders, a large number of bookkeepers preparing and paying bills, and a number of sales people making calls to current and potential customers. The nineteenth century saw the rise of the Socialist approach to economics, most notably put forth by Karl Marx. He looked at the traditional approach to labor and its value a bit differently. Shortly after Marx published Das Kapital in 1867, a revolution in classical economics took place. Economists abandoned the labor theory of value which had been a tenet of economics for close to 100 years and replaced it with something new: the theory of marginal utility.
