Economics, study of how human beings allocate scarce resources to produce various commodities and how those commodities are distributed for consumption among the people in society . The essence of economics lies in the fact that resources are scarce, or at least limited, and that not all human needs and desires can be met. How to distribute these resources in the most efficient and equitable way is a principal concern of economists. The field of economics has undergone a remarkable expansion in the 20th cent. as the world economy has grown increasingly large and complex. Today, economists are employed in large numbers in private industry, government, and higher education . Many subjects, such as political science and sociology, which were once regarded as part of the study of economics, have today become separate disciplines, although the study of any one generally implies a working knowledge of the others.
In the Eastern Orthodox Church, economy is a bishop`s discretionary power to dispense with church standards that a parish priest would otherwise be required to follow. Often it amounts to retroactive recognition granted to sacraments performed in heterodox churches when a person converts to Orthodoxy, or in Orthodox jurisdictions with which the bishop`s jurisdiction is not in full communion.
According to the canon law of the Orthodox Church economia is “the suspension of the absolute and strict applications of canon and church regulations in the governing and the life of the Church, without subsequently compromising the dogmatic limitations. The application of economia only takes place through the official church authorities and is only applicable for a particular case. Because of this concept, in the Eastern Orthodox Church, Love, Mercy, and Compassion remain more in control than absolute law.
Such dispensations are made with a view towards putting the spirit before the letter and helping the cause of the salvation of souls. Generally only bishops can decide to make such deviations. They are seen to be justifiable because the canons are not laws but rather suggestions and guidelines which might, at times, become an impediment.
The normal case should always be akribia, or strict adherence to the standards. Economia means leniently. Akreveia means strictly.
