economy

Definitions

  • ECONOMY
    ECONOMY
  • WordNet 3.6
    • n economy an act of economizing; reduction in cost "it was a small economy to walk to work every day","there was a saving of 50 cents"
    • n economy frugality in the expenditure of money or resources "the Scots are famous for their economy"
    • n economy the efficient use of resources "economy of effort"
    • n economy the system of production and distribution and consumption
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Additional illustrations & photos:

NATIONAL ECONOMY NATIONAL ECONOMY

Webster's Revised Unabridged Dictionary
  • Interesting fact: Each of the suits on a deck of cards represents the four major pillars of the economy in the middle ages: heart represented the Church, spades represented the military, clubs represented agriculture, and diamonds represented the merchant class.
    • economy Orderly arrangement and management of the internal affairs of a state or of any establishment kept up by production and consumption; esp., such management as directly concerns wealth; as, political economy .
    • economy The management of domestic affairs; the regulation and government of household matters; especially as they concern expense or disbursement; as, a careful economy . "Himself busy in charge of the household economies ."
    • economy The system of rules and regulations by which anything is managed; orderly system of regulating the distribution and uses of parts, conceived as the result of wise and economical adaptation in the author, whether human or divine; as, the animal or vegetable economy; the economy of a poem; the Jewish economy. "The position which they [the verb and adjective] hold in the general economy of language.""In the Greek poets, as also in Plautus, we shall see the economy . . . of poems better observed than in Terence.""The Jews already had a Sabbath, which, as citizens and subjects of that economy , they were obliged to keep."
    • economy Thrifty and frugal housekeeping; management without loss or waste; frugality in expenditure; prudence and disposition to save; as, a housekeeper accustomed to economy but not to parsimony. "I have no other notion of economy than that it is the parent to liberty and ease.""The father was more given to frugality , and the son to riotousness [luxuriousness]."
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Century Dictionary and Cyclopedia
  • Interesting fact: A car operates at maximum economy, gas-wise, at speeds between 25 and 35 miles per hour.
    • n economy The management, regulation, or supervision of means or resources; especially, the management of the pecuniary or other concerns of a household: as, you are practising bad economy; their domestic economy needs reform.
    • n economy Hence A frugal and judicious use of money, material, time, etc.; the avoidance of or freedom from waste or extravagance in the management or use of anything; frugality in the expenditure or consumption of money, materials, etc.
    • n economy Management, order, or arrangement in general; the disposition or regulation of the parts or functions of any organic whole; an organized system or method: as, the internal economy of a nation; the economy of the work is out of joint.
    • n economy Specifically— The provisions of nature for the generation, nutrition, and preservation of animals and plants; the regular, harmonious system in accordance with which the functions of living animals and plants are performed: as, the animal economy; the vegetable economy.
    • n economy The functional organization of a living body: as, his internal economy is badly deranged.
    • n economy The regulation and disposition of the internal affairs of a state or nation, or of any department of government.
    • n economy Management; control.
    • n economy In theology: The practical measures employed in giving effect to a divine dispensation.
    • n economy The cautious presentation of doctrine, accommodating it to the feelings and prejudices of the hearers: used by J. H. Newman to describe the accommodated method (κατ)οἰκονομίαν) of the early fathers; in a bad sense, the system of withholding a large portion of gospel doctrine in teaching the mass of Christians.
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Chambers's Twentieth Century Dictionary
  • Interesting fact: Ireland currently has the fastest growing economy in Europe - the economy grew by 40% from 1993-1997. It is for this reason that the country is referred to as the Celtic Tiger.
    • n Economy ek-on′o-mi the management of a household or of money matters: a frugal and judicious expenditure of money: a system of rules or ceremonies: a dispensation, as 'the Christian economy:' regular operations, as of nature
    • v.t Economy to use prudently: to spend with frugality
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Quotations

  • Ralph Waldo Emerson
    Ralph%20Waldo%20Emerson
    “The line of beauty is the line of perfect economy.”
  • Bill Clinton
    Bill Clinton
    “It's the economy, stupid.”
  • Lee Iacocca
    Lee%20Iacocca
    “People want economy and they'll pay almost any price to get it.”
  • Edmund Burke
    Edmund%20Burke
    “Mere parsimony is not economy. Expense, and great expense, may be an essential part in true economy.”
  • Marcus T. Cicero
    Marcus%20T.%20Cicero
    “People do not understand what a great revenue economy is.”
  • Benjamin Disraeli
    Benjamin%20Disraeli
    “There can be economy only where there is efficiency.”

Etymology

Webster's Revised Unabridged Dictionary
F. économie, L. oeconomia, household management, fr. Gr. o'ikonomi`a, fr. o'ikono`mos one managing a household; o'i^kos house (akin to L. vicus, village, E. vicinity,) + no`mos usage, law, rule, fr. ne`mein to distribute, manage. See Vicinity Nomad

Usage

In literature:

In fact, ear-training and harmony lead to great economy of time.
"Great Pianists on Piano Playing" by James Francis Cooke
Thus the lesson of economy is taught in the most effective way.
"Tuskegee & Its People: Their Ideals and Achievements" by Various
SLAVERY IN THE LIGHT OF POLITICAL ECONOMY.
"Cotton is King and The Pro-Slavery Arguments" by Various
Economy of High Wages dependent upon Consumption.
"The Evolution of Modern Capitalism" by John Atkinson Hobson
How do you explain Scotch economy, Irish participation in politics, the intellectuality of the Jew, etc.?
"Introduction to the Science of Sociology" by Robert E. Park
Economy had to be practised, and payments stopped on old bills that Gerhardt was trying to adjust.
"Jennie Gerhardt" by Theodore Dreiser
No homes are happier than those constructed on the principle of economy and patient effort.
"Social Life" by Maud C. Cooke
It was Henry C. Carey, the noted writer and authority on political economy.
"The Railroad Question" by William Larrabee
The practice of minute and delicate division comes from a nation which acknowledges the need of economy, and has made it a study.
"The Atlantic Monthly, Volume 14, No. 86, December, 1864" by Various
We will suppose that it is necessary to use strict economy.
"Nelson's Home Comforts" by Mary Hooper
His last remaining energy had been expended for an economy and he had collapsed.
"In a Little Town" by Rupert Hughes
Political economy is a science which deals with the great family of nations and their conditions of existence.
"The Sexual Question" by August Forel
Against war peace-advocates appeal with force from a business standpoint, on grounds of economy and financial expediency.
"Prize Orations of the Intercollegiate Peace Association" by Intercollegiate Peace Association
For confusion and accident and waste, the Socialist seeks to substitute design and collective economy.
"New Worlds For Old" by Herbert George Wells
The farming economy succeeded to the pioneer economy without serious break.
"The Evolution of the Country Community" by Warren H. Wilson
Cooking added to the economy of the food-supply.
"History of Human Society" by Frank W. Blackmar
As such we can go any place and are everywhere accepted, a necessary sector of the Saharan economy.
"Border, Breed Nor Birth" by Dallas McCord Reynolds
But the remarkable experiments of Huber, sixty years ago, developed many facts respecting their origin and economy.
"Soil Culture" by J. H. Walden
By way of opening the meeting a brief paper may be read on What Is True Economy?
"The Complete Club Book for Women" by Caroline French Benton
What we must aim at.# Now we can see precisely what it is that we have to learn in political economy.
"Political economy" by W. Stanley Jevons
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In poetry:

Sharing His love who holds in His embrace
The lowliest of our race,
Sure the Divine economy must be
Conservative of thee!
"Within The Gate" by John Greenleaf Whittier
One stop at Bass River.
Then the Economies
Lower, Middle, Upper;
Five Islands, Five Houses,
where a woman shakes a tablecloth
out after supper.
"The Moose" by Elizabeth Bishop
The Democrats are for gold,
Reform and economy;
What better off will be our nation,
If Tilden and Hendricks,
If they gain the day — Poor people will come to starvation.
"Hurrah for Cooper and Cary" by Julia A Moore
Don't tell a lie! Some men I've known
Commit the most appalling acts,
Because they happen to be prone
To an economy of facts;
And if to lie is bad, no doubt
'T is even worse to get found out!
"The Cat" by Harry Graham
I'm sick to death of money, of the lack of it, that is,
And of practising perpetually small economies;
Of paring off a penny here, another penny there,
Of the planning and the worrying, the everlasting care.
"Expenses" by Gamaliel Bradford
'Tis a beautiful country to practise economy.
Though the houses out here are not quite waterproof,
But they're illigant houses for studying astronomy —
You can lie on your back and read stars through the roof.
"Paddy's Letter, 1857" by Anonymous Oceania

In news:

Obama, Romney Spar Over Economy.
Industry leaders talk menu labeling, economy at MUFSO.
Industry leaders talk menu labeling, economy.
The fiscal stimulus package signed into law Wednesday will help boost the economy in 2008, but 2009 and 2010 will be a bit slower, according to economists.
As tax rebate checks arrive, economists assess the potential effects on the economy.
Will the rebate checks that began arriving this week boost the flagging US economy.
Coca-Cola Hellenic, the world's second biggest bottler of Coke, is moving its headquarters out of Greece, dealing a symbolic blow to the crisis-stricken eurozone economy.
We're entering what might be called the Bottom-Up Economy.
WASHINGTON (AP) — Analysts say census data provide wide-ranging evidence that the US economy is stabilizing.
New census figures show signs of life in the economy.
Atrios thinks any optimism about the economy is misplaced.
President-elect Barack Obama has now made three things clear about his plans to bring the economy back: He wants his actions to be big and bold.
Is growth in the US Hispanic economy converging with development in Latin America.
As remodelers struggle to survive a recovering economy and housing market, one option is to branch out by inventing and selling building products that solve common construction problems.
It seems the economy has everyone pinching pennies and medicine cabinets across the country are taking a huge hit.
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In science:

Information Economy, or as I prefer to call it - - the Information Society.
National Information Infrastructure Development in Canada and the U.S.: Redefining Universal Service and Universal Access in the Age of Techno-Economic Convergence
Information Rules: A Strategic Guide to the Network Economy.
A Connection-Centric Survey of Recommender Systems Research
Several special cases including 2-player and 3-player versions of these ‘games’ allow us to connect the results with observed features in real economies, e.g., lock-in (positive feedback), etc.
Stochastic Maps, Wealth Distribution in Random Asset Exchange Models and the Marginal Utility of Relative Wealth
The medieval rule of parsimony, or principle of economy, frequently used by Ockham came to be known as Ockham’s razor.
From Knowledge, Knowability and the Search for Objective Randomness to a New Vision of Complexity
The sharing of resources improves the economy and makes design, production and testing easier.
Design of a Base-Board for arrays of closely-packed Multi-Anode Photo-Multipliers
In this particular fit ζ u 22 is set to zero for the sake of economy in parameters.
Lepton Flavor Violation within a realistic SO(10)/G(224) Framework
In conclusion, we have shown that quantum maps displaying intermediate statistics can be simulated with a remarkable economy of resources on a quantum computer, especially in a NMR setting.
Intermediate quantum maps for quantum computation
Such a bottom-up approach could, in principle, be helpful in isolating the key mechanisms that apparently lead to a stratification of wealth in advanced economies.
Emergent Statistical Wealth Distributions in Simple Monetary Exchange Models: A Critical Review
Unfortunately, Angle’s process might be hard to accept for economists as a theory of the emergence of inequality in market economies.
Emergent Statistical Wealth Distributions in Simple Monetary Exchange Models: A Critical Review
Their economy consists of two goods, denoted x and y which necessitate the introduction of a relative price p being defined as the current value of a unit of good y in units of good x.
Emergent Statistical Wealth Distributions in Simple Monetary Exchange Models: A Critical Review
Note that despite the voluntary participation of agents in the exchange economy and the utility-improving nature of each trade, a change in the distribution of wealth comes with it.
Emergent Statistical Wealth Distributions in Simple Monetary Exchange Models: A Critical Review
In the period span by data set IB1 the Brazilian economy (see for a brief historical account) has experienced a number of regulatory changes with consequences for price fluctuations.
Underlying Dynamics of Typical Fluctuations of an Emerging Market Price Index: The Heston Model from Minutes to Months
Except the quantum system doesn’t need a stack of processors, the parallel processing comes ‘for free’ with quantum dynamics, providing a vast economy of scale over classical computation.
A random walk approach to quantum algorithms
Existence of an equilibrium for a competitive economy.
Paths Beyond Local Search: A Nearly Tight Bound for Randomized Fixed-Point Computation
Leontief economies encode nonzero sum two-player games.
Paths Beyond Local Search: A Nearly Tight Bound for Randomized Fixed-Point Computation
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