Robert Frank on How not to buy happiness – buy “free time”, not material goods. His main example compares a big house and long car commute with a smaller house and short mass-transit ride.
“The less we spend on conspicuous consumption goods, the better we can afford to alleviate congestion; and the more time we can devote to family and friends, to exercise, sleep, travel, and other restorative activities. On the best available evidence, reallocating our time and money in these and similar ways would result in healthier, longer and happier lives.”