economics

Noun

economics sg or pl

1. (dated, plural, singular) Now chiefly home economics: the art or science of household management, especially relating to the appropriate organization of resources; housekeeping.
   • 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
   • [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

   Synonyms:

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

   1. (dated, plural, singular) Management 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
2. (broadly, plural, singular) The 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.
   • 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, […]...

   Synonyms:

   dismal science, political economy

   1. (broadly, plural, singular) Chiefly with a descriptive word: the application of this study to a particular domain.
      • rural economics
      • [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...
   2. (broadly, plural, singular) The 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
      • 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...1844, B[enjamin] Disraeli, chapter III, in Coningsby; or, The New Generation. […], volume I, London: Henry Colburn, […], →OCLC, book III, pages 282–283
   3. (broadly, plural, singular) Chiefly followed by of: the financial aspects of an activity, enterprise, etc.
      • The economics of running a restaurant are not easy to get right.