The word
economy can be traced back to the
Greek word oikonomos meaning ‘one who manages
a household.’ The first recorded todays’ meaning of economy was traced in the work, although could
not be proven but was very likely composed in the year of 1440, referring to ‘the management of economic
affairs,’ in this case, of a monastery.
Very few
would argue that a modern economy is customarily said to have begun with Adam
Smith (1723–1790). Smith characterizes economy as three orders in society:
those who live by the rent, by their labor, and by the profits. Therefore we
could say that we have been caught under the Smith’s ‘invisible hand’, the
economic paradigm, more than 250 hundred years ago. And it was modeled upon the
prevailing ‘cultural background noise’ of that age. It was also very much ‘trapped’
by religion.
Joseph
Schumpeter described economy also as three-folded namely, monetary, interests,
and
value theory within a natural-law perspective. And those two economists
were not the only ones thinking it this way. It really looks like the economy
is based on three main concepts. One does not need be an expert to deduct: a (free)
market, which can by definition is something imaginary as a Holy Ghost; a
(private) property, which equals to omnipotence - the God; and the third is
labor, which can be linked to a sacrifice - Jesus Christ.