Hmm, that's interesting, flytterbug.
I would say yes, we don't have to put all valuble things or activities under an economic paradigm in order to value them. Absolutely. Children for example, are people, and citizens, they are valuble in themselves. I also think education is valuble as a fundamental human activity totally apart from any economic advantage it creates.
But I would say that some things that have intrinsic value are also things that can be analyzed in terms of economics. Education may have intrinsic value but it also has important economic functions. It's important to keep both things in mind because sometimes one can get in the way of the other. Childcare too, is intrinsically good, but also plays a role in the economy.
Additionally, I think it is important for the state to value things that may not be economically productive. When we say that the role of the state, or even the role on industry and business, is only limited to dealing with economic roles, that leads to an unbalanced and toxic civilization. The state should be deeply concerned with the most human things, if we want a humane civilization.