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ECONOMY

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Originally appearing in Volume V08, Page 910 of the 1911 Encyclopedia Britannica.
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ECONOMY , a word ranging in application from the careful See also:

thrift of an individual to the systematic arrangement of an organization. It is derived from the Gr. oii ovoµia, the management (viaeLv, to See also:control) of an oticos or See also:house, extended in meaning to the See also:administration of a See also:state. Of its See also:original sense, the See also:art or See also:science of managing a See also:household, the expression " domestic economy " survives, but the See also:principal use in this sense is confined to the thrifty management of the See also:financial resources of a household or of an individual. It is thus used as See also:equivalent to " saving," not only of See also:money, but of See also:time, labour or effort, and, generally, of the least See also:expenditure of means to attain a required end. It is on the principle of " economy " that many phonetic changes occur in the development of See also:languages, and, in See also:aesthetics, the name has been applied to a principle or See also:law that effects are pleasant in proportion to the smallness of the effort made, and of the means taken to produce the result. The phrase " economy of truth " is due to an invidious application of the use, in patristic See also:theology, of the word o1icovo da for the careful presentation of such See also:doctrine as would be applicable to the hearer (see J. H. See also:Newman, See also:History of the Arians of the 4th See also:Century). " Economy " is also used in theology in such expressions as " See also:Mosaic " or " See also:Christian economy " as a synonym of " See also:dispensation," for the administration of the worldby See also:God at particular times or for particular races. From the meaning of organization or administration of a house or state the word is applied more widely to the ordered arrangement of any organized See also:body, and is equivalent almost to See also:system "; thus the " economy " of nature or of See also:animal or plant See also:life may be spoken of. The most See also:common use, however, of the word is that of " See also:political economy," the science dealing with the See also:production, See also:distribution and See also:consumption of See also:wealth (see EcoxoMlcs).

End of Article: ECONOMY

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