alexa What Did the Ancient Greeks Mean by Oikonomia?


Journal of Applied & Computational Mathematics

Author(s): Dotan Leshem

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Nearly every economist has at some point in the standard coursework been exposed to a brief explanation that the origin of the word “economy” can be traced back to the Greek word oikonomia (οικονομία ’ ), which in turn is composed of two words: oikos, which is usually translated as “household”; and nemein, which is best translated as “management and dispensation.” Thus, the cursory story usually goes, the term oikonomia referred to “household management” and while this was in some loose way linked to the idea of budgeting, it has little or no relevance to contemporary economics

This article was published in Journal of Economic Perspectives and referenced in Journal of Applied & Computational Mathematics

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