Abstract

The concept of “the good life” is not one that receives much attention from conventional economic theory.1 About the closest it comes to such attention is in the area of welfare economics and here it is mostly concerned with the distribution of costs and benefits of various economic choices and wherein benefits are measured in terms of utility and costs in terms of disutility or utility foregone. It is usually taken for granted that utility is a function of consumption of goods and services, and disutility is a function of the “toil and trouble” associated with the effort to acquire goods and services. Labor, therefore, is typically taken to be a major source of disutility. Even many economists will admit that ..