I. BASICS What is economics?

Evolution of the term economics 

Jean Jacques Rousseau:
A Discourse on Political Economy (1755)

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THE word Economy, or OEconomy, is derived from oikos, a house, and nomos, law, and meant originally only the wise and legitimate government of the house for the common good of the whole family. The meaning of the term was then extended to the government of that great family, the State. To distinguish these two senses of the word, the latter is called general or political economy, and the former domestic or particular economy.

 

 

 

 

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