00:55 Aug 5, 2011 

I see a lot of comments suggesting that "study" here is used in its modern sense. This is impossible in this context. One of the prevalent earlier meanings of "study" was "work"(like L "studium") or "occupation."
This is the most natural meaning here, in contrast to "ease." The modern meaning of "study" arose only in the mid-19th century; the poem here dates to the first half of the 18th century.

"Work and leisure" is the meaning of the pairing.