This section is from the book "Elementary Economics", by Charles Manfred Thompson. Also available from Amazon: Elementary Economics.
Closely related to economical consumption is plain living. At the very outset we must rob our minds of any feeling that plain living is something mean or contemptible, or that it is associated with poverty or want. On the contrary, plain living is the real basis of industrial efficiency, of education, of culture, and of happiness. It begets contentment of mind, adds to physical energy, and prolongs life. We find it associated with achievement in every line of endeavor. In fact, an old philosophy made plain living and high thinking the only sure corner stones on which a successful life could be built.
The most superficial observation of American living conditions reveals, not only a remarkable degree of poor taste in consumption, but also poor judgment as to the relative merits of similar goods. Otherwise there would not be the widespread demand for the study of home economics. Everywhere serious-minded men and women are coming to realize that incomes are not being spent to the best advantage, that they are virtually being thrown away, too often through ignorance, in buying goods that satisfy the most transitory demands.
 
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