Smith's error (which turned him to "market pricing") was not recognising the dual character of labour, which is solved in the Marxian schema; capitalists purchase labour-power, which is a commodity with an exchange value (i.e the labour commanded by it is the amount required to reproduce it) of W and a use value (value in use) of concrete labour itself, which is the capacity to create value. Unlike Smith's idea, this is compatible with both varying value of money, varying wages (assuming there is something to vary the wages) and useful in explaining the role of profit.
On the whole, though, I dispute the notion that the LTV must be abandoned; you are already starting from the position that a bowl full of celery is a good thing, but I'd say that we'd do just fine with the Doritos, and the case for a bowl of celery lacks the explanatory power of the bowl of Doritos.
On the whole, though, I dispute the notion that the LTV must be abandoned; you are already starting from the position that a bowl full of celery is a good thing, but I'd say that we'd do just fine with the Doritos, and the case for a bowl of celery lacks the explanatory power of the bowl of Doritos.