I am currently reading this entertaining book CRYPTOECONOMICS (Fundamentals of Bitcoin) (Eric Voskuil) Although a bit long and with very technical terms... I like it because it shows me a different perspective from all the texts or books that you can commonly find in the Bitcoin burrow or world... on this occasion I want to share this chapter that taught me that technically ("Work, leisure and production are different names for the same human action"") and explains it in a very good way... I hope you like it.(Labor and Leisure) Labor and leisure are complementary human actions that affect the production and consumption of economic goods. Labor is the consumption process to produce an economic good (output). Leisure is the consumption process that does not produce an economic good. Utilityless consumption is the waste process. According to Murray Rothbard, in his Man, Economy and State: This subtle fallacy implies that both labor and leisure are economic goods. And yet, only actions create or consume goods7. Labor (production of economic goods) and leisure (production of non-economic goods) are human actions that create and consume goods over time. In the most basic sense, production involves the consumption of the agent’s body, while consumption involves its production. Every hour he will expend his effort in producing the good whose marginal product is the greatest on his scale of values. If he has to give up an hour of labor, he will give up a unit of that good whose marginal utility is the least on his scale of values. At every moment he will balance the utility of the product on his scale of values against the negative utility of working harder. We know that the marginal utility of goods produced by a man's effort will decline as his investment of effort increases. On the other hand, with each new investment of effort, the negative marginal utility of effort continues to increase. Therefore, a man will invest his labor as long as the marginal utility of output exceeds the negative marginal utility of effort from labor. A man will stop working when the negative marginal utility of labor is greater than the marginal utility of the increased goods provided by effort. Then, as his leisure consumption increases, the marginal utility of leisure will decline, while the marginal utility of the goods he has forgone increases, until eventually the utility of the marginal goods forgone becomes greater than the marginal utility of leisure, and the agent will resume work again. This analysis of the laws of work effort has been deduced from the implications of the action axiom and the assumption of leisure as a consumer good. It is neither correct nor necessary to assume that leisure is a good, nor to imply that work is a good. Likewise, it is not necessary to construct the artifice of negative utility. Value is simply a preference for greater utility over lesser utility. Both work and leisure produce goods of (positive) utility, which implies that the utility of leisure is greater than the utility of work. Properly regarding a person's body as property, "leisure preference" follows directly from time preference. As the above quote implies, this is a result of a trade-off between the amount of time without one's body (time that compensates for the value one places on time with one's body (leisure time). Time, space, and goods are the factors of all production, while labor is the production process. for the same human action. Labor/leisure and production are different names. The act of producing is labor or leisure; the act of working or Idleness is production. The Pure Bank provides the model for all production. This cycle is clearly evident in the case of self-employment, which is only the example of production. 📚