Material objects give rise to physical happiness, while spiritual development gives rise to mental happiness. Since we experience both physical and mental happiness, we need both material and spiritual development. This is why, for our own good and that of society we need to balance material progress with inner development.
Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery.
Life at its noblest leaves mere happiness far behind; and indeed cannot endure it. Happiness is not the object of life: life has no object: it is an end in itself; and courage consists in the readiness to sacrifice happiness for an intenser quality of life.