ECONOMICS (from the Gr. [Greek: oikonomikê], sc. [Greek: technê], from [Greek: oikos], a house, and [Greek: nomos], rule,--the "art of household management"), the general term, with its synonym "political economy," for the science or study of wealth (welfare) and its production, applicable either to the individual, the family, the State, or in the widest sense, the world. How far the same considerations apply to all these spheres is one of the problems of economic thought in its widest sense. The term "economy" (q.v.) by itself, which should strictly mean the art of applying money (or wealth) wisely, has commonly come to mean the art of saving money, or spending as little as possible. In practice the study of "political" economy is mainly devoted to the sphere of the State; the welfare of the individual as a member of the State, and of the State in its relation to the world, being internal aspects of the prosperity of the State itself. Economics thus includes the discussion of all the numerous factors which make life profitable, whether to the nation or to the business, or to the individual man. It may be conceived either as an historical science (What principles have in fact paid?), or as an abstract science (What are the true principles which must pay, presupposing an ideal?). Economists at different times have studied both aspects, according to their lights, and influenced by historical conditions of philosophic thought. A text-book on economics necessarily deals, therefore, with the whole subject in a manner which need not here be followed, since separate articles are devoted in this work to the biographies of writers on economics, and also to the principal economic questions involved, under their own headings. In this article we propose therefore to confine ourselves to discussing the character and subject-matter of the science, indicating its relation to other sciences, and explaining the methods by which economists reach their conclusions. We understand by economics the science which investigates the manner in which nations or other larger or smaller communities, and their individual members, obtain food, clothing, shelter and whatever else is considered desirable or necessary for the maintenance and improvement of the conditions of life. It is thus the study of the life of communities with special reference to one side of their activity. It necessarily involves the scientific examination of the structure and organization of the community or communities in question; their history, their customs, laws and institutions; and the relations between their members, in so far as they affect or are affected by this department of their activity.