[bnhinchman]

I understand that the Labor Theory of Value puts emphasis on labor having intrinsic value, for without labor, production would not exist. However, I believe the Austrian perspective (or more generally, from the Classical Liberal perspective) maintains that labor is merely a means to an end and cannot be an end in itself; thus the value of labor is only determined by the value of the product (and the value of the product is basically what someone is willing to give me, et al. for producing it). Is this the correct way of viewing labor, that it can only be classified as a means to an end, the end which could be any product whatsoever?

[jmherbener]

Human effort can be divided into two types: labor and leisure. Labor is human effort as a producer good. As you say, labor is valued indirectly from the value of the consumer good it helps produce (which in turn is valued directly for the end it helps attain) and the contribution it makes to the consumer good’s production. Leisure is human effort as a consumer good. Leisure is valued directly for the aid it renders in attaining an end. Both consumer goods and producer goods are means to an end and therefore, valued as such.

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