Tyler Cowen starts a meme "What is the biggest flaw the Labor Theory of Value"
David Henderson follows up.
Since I think two exceptionally smart economists are both wrong, it's probably my failure. Regardless, I'm not smart enough to shut up. Here's the problem in 4 words.
Value is demand side.Value is a measure of how much someone wants something on the demand side. Labor Theory of Value attempts to move value to be a supply-side issue, rather than a demand-side issue. Broken epistemology. End of story.
Tyler's explanation fails because he's talking about how to salvage LToV, not about the core issue which is that they want to define value wrong.
Henderson focuses on Randomness, rather than definitional issues.