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Oikonomia

economics for community

Herman E. Daly and John B. Cobb, Jr. in for the common good: redirecting the economy toward community, the environment, and a sustainable future, define oikonomia as follows.

The Discipline of Economics as Chrematistics:

“Aristotle made a very important distinction between ‘oikonomia’ and ‘chrematistics.’ The former, of course, is the route from which our word ‘economics’ derives. Chrematistics is a word that these days is found mainly in unabridged dictionaries. It can be defined as a branch of political economy relating to the manipulation of property and wealth so as to maximize short-term monetary exchange value to the owner. Oikonomia, by contrast, is the management of the household so as to increase its use value to all members of the household over the long run. If we expand the scope of household to include the larger community of the land, of shared values, resources, biomes, institutions, language, and history, then we have a good definition of ‘economics for community.’”

4 Responses to “Oikonomia”

  1. […] by Aristotle between two visions of money and its role in society.  The one he (Aristotle) called oikonomia (economics) and the other he called khrematisike (chrematistics). The first, basically, is […]

  2. […] common good: redirecting the economy toward community, the environment, and a sustainable future, said: Aristotle made a very important distinction between ‘oikonomia’ and ‘chrematistics.’ The […]

  3. […] common good: redirecting the economy toward community, the environment, and a sustainable future, said: Aristotle made a very important distinction between ‘oikonomia’ and ‘chrematistics.’ The […]

  4. […] The source of our oceans’ grave illnesses are the system of exponential growth economy, that cannot thrive without generating mountains of harmful waste. You cannot stop the oceans from dying without first changing the economy from its current state, into an eco-centered Oikonomia. […]

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