The term “economics” comes from the ancient Greek word “oikonomia,” which combines “oikos” meaning house and “nomos” meaning law or custom. It originally referred to household management and the practical aspects of running a family or estate. The word “oikonomia” evolved over time to encompass broader notions of management and administration.

The modern academic discipline of economics began to take shape in the 18th century, particularly with the work of Adam Smith. His seminal work, “The Wealth of Nations,” published in 1776, is often considered the foundation of modern economic thought. Smith expanded the concept of economics beyond household or state management to include the production, distribution, and consumption of goods and services. He examined how markets operate and introduced the idea of the “invisible hand” that guides self-interested individuals to contribute to the economy’s overall health.

The etymology of “economics” reflects its development from the practical concerns of household management in ancient times to the complex analysis of market systems, financial institutions, and national and global economies today. The historical shift from “oikonomia” to “economics” mirrors the broadening of the field’s scope, capturing how human