For class surveying different economic systems, I read a book on Marxism and its core beliefs. As I read, I came to learn that the Marxist view of economics depends heavily on the Labor Theory of Value since Marx believed that the value of a good was determined by the amount of labor.
But, from what I understand, the economic community no longer accepts the Labor Theory of Value due to its inability to explain the Diamond-Water Paradox.
How is it then that certain economists still adhere to the Marxist view of economics? How do they have Marxism explain the Diamond-Water Paradox?