Comment by orthecreedence

The LTV effectively argues that competition brings prices of mass-produced commodities down to a magical threshold, and that magical threshold is the aggregate cost of labor in order to produce whatever commodity is being examined.

Modern economists haven't refuted this, and in fact many parrot it, and anyone saying they have rejected the idea is misinformed. See for instance https://bnarchives.yorku.ca/308/2/20101200_cockshott_nitzan_...

The LTV absolutely accounts for demand (what capitalists call "value") and in fact requires it for its description of how capitalism operates. It's really just saying there are two forms of value: aggregate demand and aggregate production costs, with competition driving prices down to production costs. If you don't agree with that, I don't really know how else to help because it's kind of a universal truth in a mass production market economy.