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economy (n. 1530s, “household management” from Latin oeconomia)
The word “economy” has become absorbed into election-speak. The way in which political parties try to win our love and affection is through what they say they are doing with or to the “economy”. It came into English in the 1530s, directly from the Latin oeconomia, though the Romans had taken it from the Greek oikonomia. In the root of the word is the idea that people have to manage their house or dwelling place (oikos – dwelling; nomos – managing). By the mid-17th century in English it had taken on more senses: the wealth and resources of a whole country, and, if applied in a good Protestant way, the sensible and moderate use of personal assets.
At first glance, this gives us a flow of meaning and connotations between being sensible with the household cash through to a seemingly benevolent management of the nation’s coffers. So, we’ll hear politicians telling us that the economy is getting “back on track”, it’s getting “stronger” or “healthier”. To back this up, they offer us data on “growth”, or “balance of payments”, “better debt figures” and the like. In fact, these all belong to that original root meaning of the word, “management”. They are a manager’s view of how the flow of money and resources is happening.
What happens, though, if you take a view of “economy” from below? This tells us that while politicians go on about strength, health and growth, the majority of wage-earners and the majority of the unwaged have experienced a lack of strength, health and growth in their income. What’s more, in terms of “economic theory” these cuts in standards of living have been deliberately arranged and managed. Problems caused primarily by debt and inability to make quick profits out of manufacture and the distribution of goods has made the government create a low-wage “economy”.
So we are in a curious position with this word. Electioneering will revolve around some people talking about the economy being good whilst millions of people experience their own economy as bad. Politicians will try to convince people either that their perceptions are wrong or that their sacrifice will be worth it in the end. This will bring back into play that old Protestant meaning in the word, overlaid with ideas of delayed gratification, moderation and self-sacrifice being goodly, godly and rewarding in themselves.
For some of us, the short word for that is “hoax”.
Michael Rosen's column appears in the print edition of the New Humanist. The next issue is out in May.
