Pretty good article, although I think she's incorrect that the modern economist accepts savings as good. There still seem to be too many economists who believe that thrift is bad for the economy. An excerpt:

Nothing would befall the market economy in the long run, says the modern economist, if we tempered our desires to a thrifty style of life--one old Volvo and a little house with a vegetable garden and a moderate amount of tofu and jug wine from the co-op. The balloon theory sounds plausible if you focus on an irrelevant mental experiment, namely, that tomorrow, suddenly, without warning, we would all begin to follow Jesus in what we buy. Such a sudden conversion would no doubt be a shock to sales of SUVs at Ford and Toyota. But, the economist observes, people in a Christian Economy would at length find other employment, or choose more leisure.

That's the relevant mental experiment, the long run. In the new, luxury-less economy it would still be a fine thing to have light bulbs and paved roads and other fruits of enterprise, and more of these would be better than less. "In equilibrium"--a phrase with resonance in economics similar to "by God's grace" in Abrahamic religions--the economy would encourage specialization to satisfy human desires in much the same way it does now. People would purchase Bibles in koine Greek and spirit-enhancing trips to Yosemite instead of paperback Harlequin romances and package tours to Disney World, but they would still value high-speed presses for the books and airplanes for the trips.