Think of, for example, a car. What determines its price? You'd say "supply and demand." Okay, fair enough. But what if supply and demand are equalised? It still has a price and an intrinsic value, and that price is still greater than, say, a pencil that also has its supply and its demand equalised. What determines the price then? Well, the cost of production and the human labour input used to create the car. The subjective theory of value relies on the "thirsty man considers a bottle of water much more valuable than a man who isn't thirsty." They're confusing value, exchange value, and price. In the example of the thirsty man and the man with the water bottle example, it's supply and demand working. High demand and low supply for the water bottle creates a high price, but the intrinsic value remains the same. This is why the subjective theory of value which has been adopted by modern economists for the last 130 years is wrong.

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