>>2863063 marx never ever used the words "labor theory of value" anywhere in all 3 volumes of capital to describe his theory of value nor does he put it up against "subjective theory of value." this is a construction of debatebros in the 21st century. marx's theory of value contains both subjective and objective elements. the subjective element is called use value. an object has use value if enough humans want it to justify manufacturing it. this is also related to demand. the objective element is called exchange value. an object has exchange value if it requires labor time to bring to market. this includes raw materials and natural resources. even an apple which falls from a tree has to be picked up and carried to a market place. this is also related to supply. if something has both use value (a rate of demand determined by widespread human desires or needs) and exchange value (a rate of supply determined by average labor time), and is created for the purpose of being sold, it is a commodity. If it is lacking one or another, it is not a commodity. This is crucial to know because marx's theory of value is not about random things like the mona lisa, or things which nobody wants like mud pies. It is about commodities. Another important thing is price versus value. Price deviates from value according to non-production factors: Currency hegemony, Currency devaluation, Scarcity, monopoly, monopsony, government expropriation, theft, war etc. Value on the other hand is only looking at the factors of production. It is not trying to say anything about the final market price. So when Marx says that the value of a commodity is its socially necessary labor time, he is not talking about the price. He is only pointing out the tug of war between profit and wages which occurs in the production process, and how that results in class conflict and class struggle between the bourgeoisie and proletariat, since the bourgeoisie own the means of production, and it is in the bourgeoisie's interests to lower wages and increase profit, not just for their own personal consumption of mansions and yachts, but also so that they have more money with which to expand production, and buy more means of production, and buy more labor power, and buy more raw materials.