What to do? throw out this theory. It a permanent retreat, apart from academic rescue operations that noone reads.
The theory, which was really from Adam Smith, was shelved by capitalist economics almost at the moment the left with Marx took it up. The sophistries of the marginalists have so confused the issues in any case that theory is counterproductive.
The question is simple: workers add value to production, but are exploited and don’t receive wages that reflect that contribution. Nothing could be simpler, but such is the confusion on all sides that we see a Marxist attempt to produce a theory, which was promptly the object of attacks and refutations from the capitalist economices.
The theory should be replaced with a plain vanilla set of statements about wages and exploitation.
The debate over ‘value’ reflects the confusions of scientism, and the definitions of ‘value’, on the way to mathematics, founder in ambiguities. The marginalists cleverly changed tactics here.
The question is simple: workers add value to production, but are exploited and don’t receive wages that reflect that contribution.