A good name - Unsatisfactory as all sublunary things are, yet still there are some which are of great consequence, and among them a good name. The place is well paraphrased in the following verses:
"A spotless name,
By virtuous deeds acquired, is sweeter far
Than fragant balms, whose odors round diffused
Regale the invited guests. Well may such men
Rejoice at death's approach, and bless the hours
That end their toilsome pilgrimage; assured
That till the race of life is finish'd none
Can be completely blest."
Name ointment - The likeness between reputation and odor supplies a common metaphor: the contrast is between reputation, as an honorable attainment which only wise people win, and fragrant odor, as a gratification of the senses which all people enjoy.
The connection of this verse with the preceding verses is this: the man, who wants to know what is profitable for man and good in this life, is here told to act in such a way as ordinarily secures a good reputation (i. e., to act like a wise man), and to teach himself this hard lesson - to regard the day of death as preferable to the day of birth. Though Solomon seems in some places to feel strongly (Ecclesiastes 2:16; Ecclesiastes 3:19-20 ff) that natural fear of death which is, in a great measure, mistrust founded on the ignorance which Christ dispelled; yet he states the advantage of death over life in respect of its freedom from toil, oppression, restlessness Ecclesiastes 2:17; Ecclesiastes 4:2; Ecclesiastes 6:5, and in respect of its implying an immediate and a nearer approach to God Ecclesiastes 3:21; Ecclesiastes 12:7. While Solomon preferred the day of death, he might still (with Luther here) have regarded birth as a good thing, and as having its place in the creation of God.