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 1001 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.

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Do You Dave Ramsey?

You’re so right… I was reading/commenting somewhere else today about the “old way” of managing money. You carry us back even further in time and it’s funny how the “ancient” and “old school” princinples are more aligned that today’s complex and enlightened ways.

I recented used the term “economy of one” in an article and your hammer that message home quite well with your post.

Good work sir, thanks for sharing!


And here in Malaysia, we have to call them Your Honourable and Your Most Honourable!

Maybe it’s time for another formula to the whole concept of Government?


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