Meaning of the word ECONOMY

by Ron Haynes

When I first read the origin of the word, I just had to laugh. We have strayed so far from it’s original meaning …

The word “economy” originated as a combination of Greek words: “oikos” which means “house” and “nemos” meaning “to manage.” The meaning would translate: to manage your house or to manage your affairs.

Today, we use terms like “economy of scale” or “economy of scope.” In those cases, it refers to the efficient or frugal use of resources.

My, my, my, how far we have strayed.


Does anyone think that our elected officials have managed our affairs in the most efficient way possible? Regardless of party affiliation, we’ve entrusted the affairs of our national house to a group of people that don’t know the meaning of the word ECONOMY.

About the author

Ron Haynes has written 987 articles on The Wisdom Journal.

The founder and editor of The Wisdom Journal in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a Human Resources and Management consultant, helping companies know how employees will behave in varying situations and what motivates them to action, assisting firms in identifying top talent, and coaching managers and employees on how to better communicate and make the workplace MUCH more enjoyable. If you'd like help in these areas, contact Ron using the contact form at the top of this page or at 870-761-7881.