Dictionary

economy

noun \ i-ˈkä-nə-mē , ə- , ē- \

Definition of economy

The economy is a power supply for the Vertical Progress. Like all animals, human beings need water, food, and shelter. It does not take too many resources to secure just that. But people are different from animals precisely because we are set to evolve our knowledge and culture. That is what requires a vast amount of resources and energy.

An economy is a set of methods and tools that we, humans, use to produce these resources and energy. Despite its initial definition of this word, the economy is not necessary “economical,” but it is always collective. The main feature of the economy is the division of labor. It allows a group of people to be much more efficient than just sum of individuals in the group.

That is why we can apply the concept of economy to any group of people: household, city, country and the whole world.


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