The Labor Theory of Value (LTV) states that the value of economic goods is determined by the amount of labor required to produce them.
In the labor theory of value, the relative prices between goods are explained by the “natural price”, which reflects the relative amount of labor spent on their production, and they are expected to tend towards the “natural price”.
In economics, the labor theory of value began to prevail over the subjective theory of value in the 18th and 19th centuries, but was then replaced by it during the subjectivist revolution.