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The Labor theory of value is trash as it takes into account nearly nothing that actually ascribes value to things. While some leftists still think its the 19th century, I would argue most now see that the subjective theory of value is more accurate depending for determine most prices, including prices of labor, at least within a capitalist economy.

However, that doesn't prove Priest nor Gordon correct here. #Mises only gives us a brief snippet of Priest, so I have no way of judging form this article, but Gordon is flat out incorrect. Just because the subjective value of being employed vs. starving to death is surprisingly low, that doesn't mean that workers are not being exploited. When their is collusion in the market, which is the case in all capitalist systems, the boss class can drive down the rate of increase for demand for wages compared to the natural extent as the supply of labor goes down.

Marxism should not be the goal, it is dogmatic and unprepared for 21st century, but liberals like Gordon don't actually see a difference between various leftist thoughts, bundle it all together, often including much of their own liberal ideas as well, and through it out the window without even listening to any of their ideas. Let us not fall down this #Rabbit trap. #economics #opinion #politics
Saving Marxism from the Labor Theory of Value: It Is Still Bad Theory | David Gordon https://mises.org/wire/saving-marxism-labor-theory-value-it-still-bad-theory