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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]
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 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.
The oikos was the basic unit of society in most Greek city-states. For regular Attic usage within the context of families, the oikos referred to a line of descent from father to son from generation to generation. [2] Alternatively, as Aristotle used it in his Politics, the term was sometimes used to refer to everybody living in a given house.
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 history of economic thought is the study of the philosophies of the different ... [16] with oikos meaning "house" and with (themis meaning "custom") nomos ...
The main issues concerning the ancient Greek economy are related to the household (oikos) organization, the cities’ legislation and the first economic institutions, the invention of coinage and the degree of monetization of the Greek economy, the trade and its crucial role in the characterization of the economy (modernism vs. primitivism ...
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 meant to express the laws of production of wealth at the state level, quite like economics concerns putting home to order.