Minimalism is back for Fall 2010 and I for one couldn’t be happier. The last time we saw clean, minimalist lines on the runway — or in the stores — was in the 90s, as a reaction to the over-the-top 80s. These days, minimalism has more to do with the recession and a sense that less is — well, less, and thus morally superior to more.

Calvin Klein, Fall 2010

But minimalism isn’t just about having — or wearing — less; it’s about choosing carefully, or engaging in what the New York Times recently referred to as “calculated consumption.” In a provocative piece titled “But Will it Make You Happy?” writer Stephanie Rosenbloom dissected the connection between money and happiness, with particular attention to consumer culture.

In other words, she asked if shopping made people happy. The answer? No, not really.

“New studies of consumption and happiness show, for instance,” Rosenbloom wrote, “that people are happier when they spend money on experiences instead of material objects, when they relish what they plan to buy long before they buy it, and when they stop trying to outdo the Joneses.” In other words, how you spend your money directly affects how happy you are.

So what does all that have to do with minimalism as a fashion trend? Simply this: minimalism, as a fashion philosophy, is about using what you have. It is also about investing well in your closet, choosing pieces that will be timeless and classic, and that are made well enough to last beyond this season.

The minimalist silhouette is simple: clean lines, neutral colors, crisp tailoring. A few minimalist basics — great black pants, say, or a slim navy blazer, or the ubiquitous white shirt — offer building blocks for your wardrobe. But the key to minimalism is not in adhering to a specific uniform, but rather in choosing beautifully made pieces that can stand on their own.

The fallback jeans-and-tee combo is a classic minimalist look, but fit is important; your jeans shouldn’t be too loose or too tight, and no low rises. Opt for a really nice tee (Michael Stars has beautiful t-shirts, that fit well and last forever) rather than something cheap and disposable. Wear great shoes — driving mocs for casual or a kitten heel for a dressier look — and carry a really stunning bag. Keep jewelery simple — gold hoops or a big watch or one sleek necklace. Pay attention to the details, because they are what defines this look. Invest in a good bag and pretty shoes and one piece of statement jewelery, and then wear them all the time.

Opting for a minimalist silhouette doesn’t mean wearing only neutrals all the time. Choose beautiful flattering, colors, but don’t overdo it; the Calvin Klein dress shown above is a perfect example of how make minimalism remarkable.

In fact, I wish I had that dress in my closet right now.