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Amambay Travel on Smith also argued that some capital is productive and some unproductive. Capital as advancements to servants, for example, is unproductive. Smith’s influence on economic writings of the 19th century on capital was enormous and consequently we cannot speak of the development of capital theory without Smith. Fixed capital would not receive its due until long after. Smith’s influence did not stop there. Although he was not the first to formulate a labor theory of value, his acceptance and presentation of it sealed its fate for 19thcentury economists. Smith’s famous exposition of how capital first comes to play a role in rude and original state of society was simple and convincing. Amambay Travel 2016.

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