Econʹomy
means the rules or plans adopted in managing one’s own house. As we generally prevent extravagant waste, and make the most of our means in our own homes, so the careful expenditure of money in general is termed house-management. The word is applied to time and several other things, as well as money. (Greek, oikos nomos, house-law.)
Animal economy. The system, laws, and management whereby the greatest amount of good accrues to the animal kingdom.
“Animal … economy, according to which animal affairs are regulated and disposed.”—Shaftesbury: Characteristics.
Political economy. The principles whereby the revenues and resources of a nation are made the most of. Thus: Is Free Trade good or bad economy? Articles are cheaper, and therefore the buying value of money is increased; but, on the other hand, competition is increased, and therefore wages are lowered.
Vegetable economy. The system, laws, and management, whereby the greatest amount of good is to be derived by the vegetable kingdom.
The Christian Economy. The religious system based on the New Testament. That is, what is the best economy of man, taking into account the life that now is, and that which is to come? The answer is thus summed up by Christ: “What is a man profited though he gain the whole world and lose his own soul? For what should a man give in exchange for his soul?”
The Mosaic economy. The religious system taught by God: that is, the system whereby man obtains the greatest amount of value for his conduct, whether by serving God or living for this life only. Also called “The Jewish Economy.”
Economy is a great income. “No alchemy like frugality.” “Ever save, ever have.” The following also are to a similar effect: “A pin a day is a groat a year.” “Take care of the pence, and the pounds will take care of themselves.” “Many a little makes a mickle.” “Frae saving, comes having.” “A penny saved is a penny gained.” “Little and often fills the purse.”
Latin: “Non intelligunt homines quam magnum vectīgal sit parsimonia” (Cicero). “Sera in fundo est parsimonia” (Seneca).
French: “Plusieurs Peu font un Beaucoup.” “Denier sur denier bâtit la maison.”
