Meaning of the word ECONOMY


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 1091 articles on The Wisdom Journal.

Ron is the founder and editor of The Wisdom Journal. He 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 partner in a national building materials company.

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