Labour Theory of Value Explained: Objective vs Subjective

The Labour Theory of Value explained in plain English. I hope I have covered enough for you to understand in this video to help you understand the difference between Adam Smith's Labour Theory of Value to that of Karl Marx. I also show the difference between the objective vs subjective, which the subjective theory would soon supersede the view of objective theory relative to the Labour Theory of Value.

As I was requested to do a response video on Jack Angstreich, I just so happened to come across one of his debates he had on the Labour Theory of Value in which you can tell he struggles to answer in the original source. Bearing in mind, the audio in my own video is heavily edited.

You can find his original argument in the debate here:
https://www.youtube.com/watch?v=6oQ02sTO6PM&t=177s

Jack Angstreich fails to comprehend what Adam Smith's Labour Theory of Value was about, it most certainly wasn't to do with the quantity of labour, as I explained in this video.

The critique I have for the Labour Theory of Value is that it viewed value as objective and I reiterate the point that Karl Marx did not accept the laws of supply and demand, he rejected prices being able to fluctuate freely in the market. Also, Karl Marx most certainly did not view value as subjective, but as objective.

Value, as I have argued, can only be determined down to people's subjective opinion, not everyone holds the same value in things and in relation to price, what people are willing to pay for goods, as well as in relation to supply and demand.