Origin from Greek words, oikos (household) and nemein (Management or dispensation).
Current times, Economy refers to production, output, trade, value, exchange or transaction of material objects or services. Services can be physical, behavioral, emotional, Intellectual or Spiritual.
Objects or services can be assessed in two ways. Value and Worth. Value is the intrinsic, basic, and essential importance of the object or service to me. Worth is the relative importance of object / service in the context of ecosystem.
Free Market economy represents an unorganized context, where neither the Value or Worth of anything is fixed or standardized. Demand and supply paradigm apply. Value and Worth are subject to projection, branding, artificial value addition (inflations and deflations), manipulations, exploitation, and extortions. This market economy facilitates avarice and greed, serves concentration of wealth, and widens inequities. Unless strong policies regulate fair deals and agreements to co-operate and maintain balance. Unchecked, it leads to harm only. (no harmony)
Economy always existed in layers. Individual, Families, Communities, Region, Nation, Continent. Each local economy is relatively connected or embedded in a wider context. Local or Indigenous economies were insulated, (whether self-sufficient, or self-deficient).
Economy essentially serves, Transactions and Relationships. Whether it promotes Monopoly and Parasitic yearnings is for Humankind to ponder.
Globalization lead to the widening of the connection, exchange, trade, transactions, and interdependence. Did the policies to regulate fair deals mature? Did this facilitate expansion of avarice, greed, and exploitation?
Are we entering a phase of De-globalization? Are we going to shrink into nationalistic hegemony? Are we going to see Regional monopoly?
Are we to experience economic conflicts, hostile takeovers, splintering or collapse of generation and flow of Wealth? I wonder!
After all, when Nature asserts, the Balance shifts. Nature has Economy too. Will Nature move to Course correct its household? Will We Ignore !!!