An economics blog appears to be an appropriate forum for referring to Thoreau's first chapter in his book 'Walden'. It is titled 'Economy' and explores concepts related to how time, life endeavours and objects are valued. What is essential to life versus what is frivolous:
"Most men lead lives of quiet desperation..."Economists could read this book and it would be time well spent ;-)
"At the present day, and in this country, as I find by my own experience, a few implements, a knife, an axe, a spade, a wheelbarrow, etc., and for the studious, lamplight, stationery and access to a few books, rank next to necessaries, and can all be obtained at a trifling cost. Yet some, not wise, go to the other side of the globe, to barbarous and unhealthy regions, and devote themselves to trade for ten or twenty years, in order that they themselves may live, - that is, keep comfortably warm - and die in New England at last....Most of the luxuries, and many of the so-called comforts of life, are not only not indispensable, but positive hindrances to the elevation of mankind..."