What're your thoughts on Marx's labor theory of value?

Subjective theory of value kills labor theory full stop. The fact that anyone seriously thinks Marxism is worth considering has decided to ignore an entire history of its failure. We all have to grow up eventually and live in the real world.

"The high market value of well-prepared food is not the result of the value of the chef’s labor. Rather, the chef’s labor is valuable precisely because he is able to produce food that the public finds especially tasty, beautiful, or healthy.

On this view, labor gets rewarded according to its ability to produce things that others value. When you then consider the ways in which labor combining with capital enables that labor to produce goods that humans value even more, which in turn increases labor’s remuneration, Marx’s whole worldview is suddenly turned on its head. Capital does not exploit labor. Instead, it enhances labor’s value by giving labor the tools it needs to make even more of the things that humans value.

Understood correctly through the subjective theory of value, capitalism is fundamentally a communication process through which humans try to sort out how best to make use of our limited resources to satisfy our most urgent wants. Exchange and market prices are how we make our subjective perceptions of value accessible to others so they can figure out how best to provide us with the things we value most." - Steven Horwitz

/r/AskConservatives Thread