ECON'OMY, n. [L. oeconomia; Gr. house, and law, rule.] 1. Primarily, the management, regulation and government of a family or the concerns of a household.2. The management of pecuniary concerns or the expenditure of money. Hence,3. A frugal and judicious use of money; that management which expends money to advantage,and incurs no waste; frugality in the necessary expenditure of money. It differs from parsimony, which implies an improper saving of expense. Economy includes also a prudent management of all the means by which property is saved or accumulated; a judicious application of time, of labor, and of the instruments of labor.4. The disposition or arrangement of any work; as the economy of a poem.5. A system of rules, regulations, rites and ceremonies; as the Jewish economy.6. The regular operation of nature in the generation, nutrition and preservation of animals or plants; as animal economy; vegetable economy.7. Distribution or due order of things.8. Judicious and frugal management of public affairs; as political economy.9. System of management; general regulation and disposition of the affairs of a state or nation, or of any department of government. |
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In celebration of Noah Webster's Birthday (October 16, 2009), we have prepared an updated website. 
