"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."
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Philip Wicksteed
Philip Henry Wicksteed (25 October 1844–18 March 1927) was an English scholar, known primarily as an economist. He was also an Unitarian theologian, classicist, medievalist, and literary critic.
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