What defines value is a matter of debate in econ but labor theory is only believed by Marxists these days.
Re:What harm do minimum wages do?
by shirakawasuna on Wednesday August 19, 2020 @10:54PM
(#24219390)
This isn't even labor theory of value...
1. Worker(s) make a thing.
2. Worker(s) sell a thing.
3. All the above worker(s) (if there's more than one) receive a portion of the proceeds. If it reflects their actual contribution to that thing at its selling price, it's their marginal product of labor, putting aside things like reinvestment and power imbalances. This leaves nothing left over for profits, for owners / investors to take, who did not contribute the labor to production (otherwise, they'd also be workers and we'd call that part of their compensation, not profit).