Summary

1911 Encyclopædia Britannica, Volume 8… (1911)

ECONOMY, a word ranging in application from the careful thrift of an individual to the systematic arrangement of an organization. It is derived from the Gr. οἰκονομία, the management (νέμειν, to control) of an οἶκος or house, extended in meaning to the administration of a state. Of its original sense, the art or science of managing a household, the expression “domestic economy” survives, but the principal use in this sense is confined to the thrifty management of the financial resources of a household or of an individual.
Source: Wikisource

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