Moore I think is quite right to say that the labor theory of value is
inadequate, and that many more things go into determining value. However, the
Marxian position on the importance of labor is still relevant; even though
labor may not be the only thing determining value, it is still one of the most
important things. Capitalists are always looking for ways to lower their wage
bill, and this has important implications for capitalist development.
Stephen Sanderson