For workers who 'exchange/sell' their labor to employers for wages, money is stored labor. With money, people exchange their stored labor for objects containing stored labor or services (direct labor). Value of land must then reflect how much labor must be invested to return profit.
Prof. Wolff said something with even more prolonged implications than his comments about money - workers work to support themselves (and their families). This means the purpose of economies - production, consumption and exchange of capital - is to support the wellbeing of people. The wellbeing of people is not restricted to the current generation, so this includes the long term sustained wellbeing of people. This means profits are not necessary to economies and even more interesting, industrial sectors which do not support human wellbeing are anti-economic; think arms and military industrial complex.
Update: mistake in the original "...profits are necessary to economies..." It has been corrected above.
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