economics

alternative œconomics

1. datedpluralsingularNow chiefly home economics: the art or science of household management, especially relating to the appropriate organization of resources; housekeeping.

   [H]e now furthermore contrived the scheme of a little Club, where monthly over a frugal dinner some reunion might take place; […] The scheme was approved by the persons concerned: I have a copy of the Original Regulations, probably drawn up by Sterling, a very solid lucid piece of economics; […]

   1851, Thomas Carlyle, “Literature: The Sterling Club”, in The Life of John Sterling, London: Chapman and Hall, […], →OCLC, part II, page 208

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   Thus Logick, Phyſicks, Metaphyſicks, are the burden of Volumes, and the dayly entertainment of the Diſputing Schools: vvhile the more profitable doctrines of the Heavens, Meteors, Minerals, Animals; as alſo the more practical ones of Politicks, and Oeconomicks, are ſcarce ſo much as glanc'd at.

   1661, Joseph Glanvill, chapter XVII, in The Vanity of Dogmatizing: Or Confidence in Opinions. […], London: […] E. C[otes] for Henry Eversden […], →OCLC, page 166

   Synonyms: domestic arts, domestic science, domestic sciences, economic, homemaking, household arts, householdry

   1. datedpluralsingularManagement of household finances; also, the financial situation of a household.

      Being now turned of sixteen, and the family economics getting yearly more propitious and flourishing, he, as his brother had already been, was sent to Glasgow University, in which city their Mother had connexions.

      1851, Thomas Carlyle, “Universities: Glasgow; Cambridge”, in The Life of John Sterling, London: Chapman and Hall, […], →OCLC, part I, page 41

      Synonyms: domestic arts, domestic science, domestic sciences, economic, homemaking, household arts, householdry

2. broadlypluralsingularhuman sciencesThe study of resource and wealth allocation, consumption, and distribution, of capital and investment, and of management of the factors of production.

   Mary studied economics for five years before going into banking.

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   The Annals of the French Republic, from the Eſtabliſhment of the Conſtitution of the third Year, 6 vols. 8vo.— […] In the fourth [volume] are military pieces; in the fifth and ſixth, various literary intelligence, and memoranda reſpecting commerce, œconomics, &c. may be found.

   1799 April, “[Appendix.] Occasional retrospect of foreign literature. France.”, in The Critical Review; or, Annals of Literature; […], volume XXV (New Arrangement), London: […] S. Hamilton, […], →OCLC, page 566

   [L]et him accept and hive every fact of chemistry, natural history, and economics; the more he has, the less is he willing to spare any one.

   1841, R[alph] W[aldo] Emerson, “Essay VII. Prudence.”, in Essays, Boston, Mass.: James Munroe and Company, →OCLC, page 188

   But it is characteristic of economics that valuable and interesting work may be performed and steady progress made for many years, and yet that the results will be almost useless for practical purposes until a certain degree of exactness and perfection has been reached. Half-baked theory is not of much value in practice, though it may be half-way towards final perfection.

   1930, John Maynard Keynes, “Problems of Supernational Management”, in A Treatise on Money […], volume II (The Applied Theory of Money), London: Macmillan and Co., […], →OCLC, book VII (The Management of Money), page 406

   Economics is a messy discipline: too fluid to be a science, too rigorous to be an art. Perhaps it is fitting that economists' most-used metric, gross domestic product (GDP), is a tangle too.

   2013 August 3, “Boundary problems: America has changed the way it measures GDP”, in The Economist, volume 408, number 8847, London: The Economist Group, →ISSN, →OCLC, archived from the original on 11 Mar 2023

   Mainstream economics is increasingly sympathetic. In late 2012 the International Monetary Fund updated its institutional view on capital controls, noting that more financially open economies did worse in the crisis of 2007-09.

   2013 August 31, “Horns of a trilemma”, in The Economist, volume 408, number 8851, archived from the original on 12 Mar 2023

   Synonyms: dismal science, political economy

   1. broadlypluralsingularhuman sciencesChiefly with a descriptive word: the application of this study to a particular domain.

      rural economics

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      [T]he extraordinary thing is that the "Gibson Paradox"—as we may fairly call it—is one of the most completely established empirical facts within the whole field of quantitative economics, though theoretical economists have mostly ignored it.

      1930, John Maynard Keynes, “Historical Illustrations”, in A Treatise on Money […], volume II (The Applied Theory of Money), London: Macmillan and Co., […], →OCLC, book VI (The Rate of Investment and Its Fluctuations), page 198

      Synonyms: dismal science, political economy

   2. broadlypluralsingularhuman sciencesThe financial situation of a nation, state, etc.

      [T]he oppression has gone far farther than into the economics of Ireland; inwards to her very heart and soul. The Irish National character is degraded, disordered; till this recover itself, nothing is yet recovered.

      1839 (indicated as 1840), Thomas Carlyle, “Finest Peasantry in the World”, in Chartism, London: James Fraser, […], →OCLC, page 26

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      He assured his father that it would never be well for England until this order of the Peasantry was restored to its pristine condition; […] to its condition in all those moral attributes, which make a recognised rank in a nation; and which in a great degree, are independent of economics; manners, customs, ceremonies, rights, and privileges.

      1844, B[enjamin] Disraeli, chapter III, in Coningsby; or, The New Generation. […], volume I, London: Henry Colburn, […], →OCLC, book III, pages 282–283

      Synonyms: dismal science, political economy

   3. broadlypluralsingularhuman sciencesChiefly followed by of: the financial aspects of an activity, enterprise, etc.

      The economics of running a restaurant are not easy to get right.

      Synonyms: dismal science, political economy

1. obsoletepluralplural of economic (“one who is skilled in household management; (Christianity, historical) one who manages the income of a vacant benefice”).