Purpose of economy

What is the purpose of economy? We just need to look at the meaning of the word. The word oikonomia is of an ancient greek origin and means management of household (oicos – house, nomos – law).[1]

The purpose of economy is to manage the household; to produce and distribute food, water and other needs and goods primarily for preserving the human life. Continue reading

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Human nature

We are facing with financial crisis even with the free-market system as basis of the world economy. Economy should work with efficiency as defended by those who believed in free-market system. But it is not working.

So why does it not work? Continue reading