Click HERE and then click the audio link on the Minnesota Public Radio website to hear yesterday’s commentary on the classical spiritual-philosophical-ethical premise we need to remember. This piece was written two days BEFORE the President delivered his speech yesterday at Knox College.
The English word “economy” comes from the Greek work “oikos” – the Greek word for house. The word “economics” derives from the Greek word “oikonomia”- -the management of a household.
Before it is anything else, economics is a perspective, a frame of reference. Before it decides anything about household management, it knows that there is only one house. Good household management – good economics – pays attention to the wellbeing of the entire house and all its residents.