In ?The Labour Theory of Value and the Concept of Exploitation? I distinguished between two ways in which the labour theory of value is formulated, both of which are common. In the popular formulation, the amount of value a commodity has depends on how much labour was spent producing it. In the strict formulation, which is so called because it formulates the labour theory of value proper, the amount of value a commodity has depends on nothing about its history but (...) only on how much labour would (now) be required to produce something just like it. I argued that strict and popular formulations are often wrongly treated as substantially equivalent, and that the practice of conflating them sustains two false impressions: that the labour theory of value is a basis for saying that capitalists exploit workers, and that the labour theory of value is true. The present paper is a reply to Nancy Holmstrom's recent attempt, in ?Marx and Cohen on Exploitation and the Labor Theory of Value?, to refute the theses of the article referred to above. (shrink)