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The title of this work means "household management" and is derived from the Greek word, οἶκος, oikos, meaning "house/household". The term includes household finance as it is commonly known today and also defines the roles members of the household should have. In a broad sense the household is the beginning to economics as a whole.
Oeconomicus comes from the Ancient Greek words oikos for home or house and nemein which means management, [1] literally translated to 'household management'. It is one of the earliest works on economics in its original sense of household management, and a significant source for the social and intellectual history of Classical Athens.
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".
The oikos (household) was the base unit for the organization of social, political, and economic life in the Ancient Greek world. The person in charge of all its affairs was the oikonomos . [ 3 ] [ 4 ] The oikos was composed of a nuclear family as well as extended family members such as grandparents or unmarried female relatives. [ 4 ]
The word "economics" is from the Greek words οἶκος [oikos], meaning "family, household, estate", and νέμω [nemo], or "distribution, allocation", hence meaning "household management" or "management of the state".
Oikos (Ancient Greek: οἶκος Ancient Greek pronunciation:; pl.: οἶκοι) was, in Ancient Greece, two related but distinct concepts: the family and the family's house. [a] Its meaning shifted even within texts. [1] The oikos was the basic unit of society in most Greek city-states
The Economic Journal. Meikle, Scott. Aristotle's economic thought. Oxford: Clarendon, 1995. Migeotte, Léopold. The economy of the Greek cities: From the Archaic period to the early Roman Empire. Berkeley: Univ. of California Press, 2009. Morris, Ian. "The Athenian economy twenty years after The ancient economy."
Originally, political economy meant the study of the conditions under which production or consumption within limited parameters was organized in nation-states. In that way, political economy expanded the emphasis on economics, which comes from the Greek oikos (meaning "home") and nomos (meaning "law" or "order"). Political economy was thus ...