Since the early 2000s, scholars have continued to revisit and debate the labour theory of value in light of modern economic developments. Both supporters and critics have contributed to this literature. Here are some illustrative examples:

• Supporting and Revising the Theory:
 – Anwar Shaikh’s work (especially in his later editions of texts like Capitalism: Competition, Conflict, Crises) extends classical analysis by incorporating empirical data from modern economies. Shaikh argues that many long‐standing puzzles of income distribution and profit rates can still be illuminated by a labour‐based framework when appropriately updated.
 – Paul Cockshott and Allin Cottrell have published research arguing for the relevance of Marx’s insights in today’s economy. Their work often explores how modern computing and energy – as extensions of “labour” – can be integrated into a revised labour theory of value framework.
 – Articles in journals such as the Review of Radical Political Economics have revisited the theory, proposing adjustments to account for globalised production networks and technological change while defending the notion that socially necessary labour time remains a key yardstick for understanding exploitation and value formation.

• Critiquing and Reassessing the Theory:
 – Post-Keynesian and heterodox economists have published critiques in venues like the Cambridge Journal of Economics, arguing that modern value formation involves intangible assets, financial speculation, and dynamic consumer preferences that the traditional labour theory struggles to capture.
 – Some recent works have focused on the challenges of quantifying “socially necessary” labour time in an era of rapid technological change and global redistribution. These studies examine whether institutional factors, innovation-driven productivity gains, and network effects undermine a simple labour-based measurement of value.
 – Scholars examining global value chains, for instance, have noted that while labour remains important, the division of value among production, design, branding, and logistics often complicates any direct mapping of labour inputs to final prices, prompting calls for an integrated approach that blends classical and marginalist insights.

These works illustrate an active 21st century debate where proponents seek to extend and update the labour theory of value while critics argue that modern economies introduce a range of non‐labour factors in price formation. The ongoing exchanges across heterodox economic journals and conferences continue to refine our understanding of how classic insights about labour and value fit into a world shaped by innovation, globalization, and complex financial dynamics.