The Labor Theory of Value

[fa2991]

Why exactly is it correct, again?

[Zanthorus]

Because in all societies it is a natural law that the society will have to allocate certain portions of the labour-time at it's disposal to certain spheres of activity in order to satisfy it's needs. Exchange-value is merely the form of manifestation which this natural necessity takes in a society of private, autonomous production units carrying out their production independenly of each other. Since it constitutes a relation between various kinds of social labour it is actually a tautology to say that labour is the only source of exchange-value.

Or at least such is my own understanding.