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Retrospectives: What Did the Ancient Greeks Mean by Oikonomia?

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  • Dotan Leshem
Abstract
Nearly every economist has at some point in the standard coursework been exposed to a brief explanation that the origin of the word "economy" can be traced back to the Greek word oikonomia, which in turn is composed of two words: oikos, which is usually translated as "household"; and nemein, which is best translated as "management and dispensation." Thus, the cursory story usually goes, the term oikonomia referred to "household management", and while this was in some loose way linked to the idea of budgeting, it has little or no relevance to contemporary economics. This article introduces in more detail what the ancient Greek philosophers meant by "oikonomia." It begins with a short history of the word. It then explores some of the key elements of oikonomia, while offering some comparisons and contrasts with modern economic thought. For example, both Ancient Greek oikonomia and contemporary economics study human behavior as a relationship between ends and means which have alternative uses. However, while both approaches hold that the rationality of any economic action is dependent on the frugal use of means, contemporary economics is largely neutral between ends, while in ancient economic theory, an action is considered economically rational only when taken towards a praiseworthy end. Moreover, the ancient philosophers had a distinct view of what constituted such an end—specifically, acting as a philosopher or as an active participant in the life of the city-state.

Suggested Citation

  • Dotan Leshem, 2016. "Retrospectives: What Did the Ancient Greeks Mean by Oikonomia?," Journal of Economic Perspectives, American Economic Association, vol. 30(1), pages 225-238, Winter.
    • Handle: RePEc:aea:jecper:v:30:y:2016:i:1:p:225-31
    Note: DOI: 10.1257/jep.30.1.225
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    File URL: http://www.aeaweb.org/jep/ds/3001/30010225_ds.zip
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    References listed on IDEAS

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    1. Dotan Leshem, 2014. "The ancient art of economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(2), pages 201-229, April.
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    Cited by:

    1. José Luis CENDEJAS BUENO, 2017. "Economics, chrematistics, oikos and polis in Aristotle and St. Thomas Aquinas," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(2), pages 5-46, May.
    2. Wolfgang Onyeali & Michael P. Schlaile & Bastian Winkler, 2023. "Navigating the Biocosmos: Cornerstones of a Bioeconomic Utopia," Land, MDPI, vol. 12(6), pages 1-32, June.
    3. Milan Zafirovski, 2022. "Some dilemmas of economic democracy: Indicators and empirical analysis," Economic and Industrial Democracy, Department of Economic History, Uppsala University, Sweden, vol. 43(1), pages 252-302, February.
    4. Bruno Dyck & Rajesh V. Manchanda, 2021. "Sustainable marketing based on virtue ethics: addressing socio-ecological challenges facing humankind," AMS Review, Springer;Academy of Marketing Science, vol. 11(1), pages 115-132, June.
    5. Bruno Dyck, 2020. "The Integral Common Good: Implications for Melé’s Seven Key Practices of Humanistic Management," Humanistic Management Journal, Springer, vol. 5(1), pages 7-23, July.
    6. Arie Sherman & Tal Shavit & Guy Barokas & Nonna Kushnirovich, 2021. "On the Role of Personal Values and Philosophy of Life in Happiness Technology," Journal of Happiness Studies, Springer, vol. 22(3), pages 1055-1070, March.
    7. Cendejas Bueno, José Luis, 2016. "Ordenación de la actividad económica, ley natural y justicia en Aristóteles y en Santo Tomás [Ordination of economic activity, natural law and justice in Aristotle and Saint Thomas]," MPRA Paper 73585, University Library of Munich, Germany, revised 05 Sep 2016.

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      JEL classification:

      • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
      • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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