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 WicksteedRelated topics
administration arrive authority central conception meaning should state study waste word affairs endsRelated quotes
Economic theory, in every branch, deals with practical affairs. Its subject is human welfare, and it is never entirely dissociated from the practical question of how human welfare is to be promoted. But it is a special characteristic of the art of central banking that it deals specifically with the task of an authority directly entrusted with the promotion of human welfare. Human welfare, human motives, human behaviour supply material so baffling and elusive that many people are sceptical of the possibility of building a scientific edifice on so shifting a foundation. But however complex the material, and however imperfect the data, there is always an advantage to be gained from systematic thought.
Ralph George Hawtrey
Spinoza, then, emerged as the supreme philosophical bogeyman of Early Enlightenment Europe. Admittedly, historians have rarely emphasized this. It has been much more common, and still is, to claim that Spinoza was rarely understood and had very little influence, a typical example of an abiding historiographical refrain which appears to be totally untrue but nevertheless, since the nineteenth century, has exerted an enduring appeal for all manner of scholars. In fact, no one else during the century 1650–1750 remotely rivalled Spinoza's notoriety as the chief challenger of the fundamentals of revealed religion, received ideas, tradition, morality, and what was everywhere regarded, in absolutist and non-absolutist states alike, as divinely constituted political authority.
Baruch Spinoza
The meaning that I have given to the word administration and which has been generally adopted, broadens considerably the field of administrative science. It embraces not only the public service but enterprises of every size and description, of every form and every purpose. All undertakings require planning, organization, command, co-ordination and control, and in order to function properly, all must observe the same general principles. We are no longer confronted with several administrative sciences but with one alone, which can be applied equally well to public and to private affairs and whose principal elements are today summarized in what we term the Administrative Theory.
Henri Fayol
Capitalism-at least as Sanders & Co. understand it-is not fulfilling. It doesn't provide a sense of meaning and solidarity. It rewards-in their minds-the few and punishes the many. There must be a better, more humane way, in which we're all in it together and sacrifice is shared. The word "social” comes from the Latin socii, meaning allies. People want to feel that they are allied with one another, fighting toward a common goal together for the good of the tribe, marching to the same drumbeats. This is innate in us. Our tribal brains crave social solidarity every bit as much as our palates crave foods that are sweet, fatty, or salty. We can train ourselves to resist the cravings or channel them toward productive ends. But very few of us can eliminate the craving itself.
Jonah Goldberg
The individualistic conception of the State as some external authority exercising a malign influence upon the life of the community is a travesty of fact. The State is that form of organised society which has evolved through the process of the ages, and represents the aptitude for freedom and self-government to which any people has attained. The policeman and the soldier, for example, who are at the call of the landlord or the employer when tenant or workman becomes turbulent, exist by the will and under the express authority of those same tenants and workmen, who constitute a preponderating majority in the State, and without whose consent neither soldier nor policeman could continue to exist.
Keir Hardie