LTV and Critiques

[ComradeAllende]

Can somebody please give me the rundown of critiques of Marx's labor theory of value? I think I have a decent understanding of it, but not of the various critiques of it.

[Comrade #138672]

There aren't really that many, I believe. The most important rival theory of LTV is the marginalist theory of value, which states that value is derived from how rare an item is. It then states that this is sufficient to understand how prices develop, and that it is not necessary to explain it any further, i.e., how value is derived from labor-time.

MTV explains nothing. LTV can account for what appears as marginal utility. I also think LTV resolves the water-diamond paradox more elegantly than MTV.