“If we engraft the current meaning of the word "economy" (the avoiding of waste) upon its etymological meaning (the administration of a household), we shall arrive at "the administration of the affairs and resources of a household in such a manner as to avoid waste and secure efficiency" as our conception of "Economy." "Political" Economy would, by analogy, indicate the administration, in the like manner, of the affairs and resources of a State, regarded as an extended household or community, and regulated by a central authority; and the study of Political Economy would be the study of the principles on which the resources of a community should be so regulated and administered as to secure the communal ends without waste.”

— Philip Wicksteed , book The Common Sense of Political Economy

Page 14.
The Common Sense of Political Economy (1910), Systematic and Constructive (Book I), "Introductory: Administration of Resources and Choice Between Alternatives. Price and the Relative Scale" (ch. 1)

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Philip Wicksteed 10

English economist 1844–1927

Marshall E. Dimock (1903–1991) American writer

Source: "The Study of Administration." 1937, p. 29

“It would seem the incoming Trump administration plans to handle its affairs — domestic and foreign — in a manner that meets the dictionary definition of a “rogue state” as one “that conducts its policy in a dangerously unpredictable way.””

Dana Milbank (1968) American journalist

Trump’s one consistent policy: Chaos https://www.washingtonpost.com/opinions/trumps-one-consistent-policy-chaos/2016/12/06/f1a5a5ae-bbf7-11e6-91ee-1adddfe36cbe_story.html?utm_term=.f664c9ebc888, The Washington Post (December 6, 2016)

“An examination of the characteristics required by the employees and heads of undertakings of every kind leads to the same conclusions as the foregoing study, which was confined largely to industrial concerns. In the home and in affairs of State, the need for administrative ability is proportional to the importance of the undertaking. Like every other undertaking, the home requires administration, that is to say planning, organization, command, coordination and control. Nothing but a theory of administration, which can be taught and then discussed by everybody, can put an end to the general uncertainty as to proper methods, which exists in the isolation of our households. There is therefore a universal need for a knowledge of administration.”

Henri Fayol (1841–1925) Developer of Fayolism

Source: Industrial and General Administration, 1916, p. 80; as cited in: Albert Lepawsky (1949), Administration, p. 7

“The book rest upon tour assumptions. It assumes that administration is a - single process, substantially uniform in its essential characteristics whether observed and therefore avoids the study of municipal administration, state administration, or federal administration as such. It is assumed that the study of administration should start from the base of management rather than the foundation of law, and is therefore more absorbed in the affairs of the American Management Association than in the decisions of the courts. It assumes that administration is still primarily an art but attaches importance to the significant tendency to transform it into a science. It assumes that administration has become, and will continue to be, the hart of the problem of modern government.”

Leonard D. White (1891–1958) American historian

Source: Introduction to the Study of Public Administration, 1926, p. ix

“A good household manager, but not fit to meddle in the affairs of kings.”

Thomas Cromwell, 1st Earl of Essex (1485–1540) English statesman and chief minister to King Henry VIII of England

Henry VIII to the French ambassador, May 1538.
About

“Financial services are the lifeblood of an economy, enabling households and businesses alike to save, invest, and protect themselves against risk.”

Ibukun Awosika (1962) Nigerian business magnate

Source: https://theafricadebate.com/news-2018/2018/an-interview-with-ibukun-awosika Speaking in an interview about herself (April 18 2018)

“The objective of public administration is the most efficient utilization of the resources at the disposal of officials and employees.”

Leonard D. White (1891–1958) American historian

Source: Introduction to the Study of Public Administration, 1926, p. 2

“Apart from their work and production, households perform other important economic functions. Most CONSUMPTION occurs within the household. … In developed capitalist economies, private consumption spending accounts for half or more of GDP.”

Jim Stanford (1961) Canadian economist

Part 2, Chapter 9, Reproduction (for Economists), p. 114 (Case as per text.)
Economics For Everyone (2008)

“Our goal is to build a broad-based model of key components of the economy: households, firms, banks and government… The failure to embrace things like simulation has inhibited progress in economics.”

J. Doyne Farmer (1952) American physicist and entrepreneur (b.1952)

As quoted by Stephen Foley, " Physicists and the financial markets http://www.ft.com/intl/cms/s/2/8461f5e6-35f5-11e3-952b-00144feab7de.html#axzz2j7a3dBoP" Financial Times Magazine (Oct18, 2013) ref: the CRISIS Project http://www.crisis-economics.eu/.

“The word " economy" has latterly been used in various senses; the Germans give it a very indefinite signification.
Judging from its etymology and original signification, the Greeks seem to have understood by it the establishment and direction of the menage, or domestic arrangements.
Xenophon, in his work on economy, treats of domestic management, the reciprocal duties of the members of a family and of those who compose the household; and only incidentally mentions agriculture as having relation to domestic affairs. This word is never applied to agriculture by Xenophon, nor, indeed, by any Greek author; they distinguish it by the terms, georgic geoponic.
The Romans give a very extensive and indefinite signification to the word "economy." They understand by it, the best method of attaining the aim and end of some particular thing; or the disposition, plan, and division of some particular work. Thus, Cicero speaks of oeconomia causae, oeconomia orationis; and by this he means the direction of a law process, the arrangement of an harangue. Several German authors use it in this sense when they speak of the oekonomie eines schauspiels, or eines gedichtes, the economy of a play or poem. Authors of other nations have adopted all the significations which the Romans have attached to this word, and understand by it the relation of the various parts of any particular thing to each other and to the whole—that which we are accustomed to term the organization. The word "economy" only acquires a real sense when applied to some particular subject: thus, we hear of "the economy of nature," "the animal economy," and " the economy of the state" spoken of. It is also applied to some particular branch of science or industry; but, in the latter case, the nature of the economy ought to be pointed out, if it is not indicated by the nature of the subject.”

Albrecht Thaer (1752–1828) German agronomist and an avid supporter of the humus theory for plant nutrition

Source: The Principles of Agriculture, 1844, Section II. The Economy, Organization and Direction of an Agricultural Enterprise, p. 54-55.

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Philip Wicksteed 10

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