Final answer:
The Protestant work ethic values hard work and frugality as part of one's faith and was influential in the development of capitalism. But it does not necessarily claim that all societal value is lost without work. Today, the relationship between hard work and religious belief is less pronounced, with expectations of material and career rewards in the information age.
Step-by-step explanation:
The assertion that the Protestant work ethic holds that if you are not working, you have lost most of the value that you contributed to society is only partially true. Historically, the Protestant work ethic, as discussed by Max Weber, is a concept that emphasizes hard work, discipline, and frugality as a result of a person's faith, particularly within Protestant faiths. This work ethic was thought to be instrumental in the development of Western capitalism by encouraging people to work industriously and to reinvest in their businesses, rather than spending profits on frivolous things.
However, Weber's research primarily focused on the religious influences on economic behavior and did not claim that one's entire societal value is lost when not working. The ethic values productive work as a virtue, largely in a capitalist context. It's also worth noting that current views hold that the relationship between hard work and religious belief is not as strong today; talent and hard work in the information age are expected to be rewarded with material gain and career advancement, beyond any specific religious motivations.