Time changes things.

So, to understand a thing, it is often helpful to go back to see what thing was originally supposed to be. Understanding economics is no exception.

The word economy can be traced back to Greek word oikonomos, which means one who manages a household. From oikonomos was derived oikonomia, which had not only sense of management of a household or family, but also senses such as thrift, direction, administration, arrangement, and public revenue.

The first recorded sense of our word economy, found in a work composed about 1440, is the management of economic affairs, in this case, of a monastery. Economy is later recorded in other senses shared by oikonomia in Greek, including thrift and administration. What is probably our most frequently used current sense, the economic system of a country or an area, seems not to have developed until 19th Century and has played a much larger role in 20th Century. The root word relates to household management, which of course includes money, but encompasses much more than simply money management.

While economic concerns tend to cluster around money, there is more to economics than accounting. In same way that money has a way of touching every aspect of life, roots of economy also reach into every aspect of life, as well. Consequently, an economy is about culture and morality as much as it is about money and business. In fact, it could be argued that monetary aspects of economy are outward manifestation of more subtle and intricate aspects of culture and morality.

John Carver made a similar observation in 1980s as he began to think about why business and non-profit organizations worked so hard, but tended to gain so little ground. Following many advances in modern management techniques, he began thinking about why it was so hard to put them into practice. His thinking centered on boards—the many non-profit and corporate board of directors whose job it is to guide their various organizations. He observed poor performance of board work everywhere he looked.

Can you stop debt collectors ? . . .You better know you can

You can stop debt collectors under law provided by Fair Debt Collection Practices Act. If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor."

 If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector." You should know that in either situation, Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Of course, law does not erase any legitimate debt you owe.

What debts are covered?

Personal, family, and household debts are covered under Act. This includes money owed for purchase of an automobile, for medical care, or for charge accounts.

Who is a debt collector?

A debt collector is any person who regularly collects debts owed to others. This includes attorneys who collect debts on a regular basis.

How may a debt collector contact you?

A collector may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if collector knows that your employer disapproves of such contacts.

Can you stop a debt collector from contacting you?

You can stop a debt collector from contacting you by writing a letter to collector telling them to stop. Once collector receives your letter, they may not contact you again except to say there will be no further contact or to notify you that debt collector or creditor intends to take some specific action. Please note, however, that sending such a letter to a collector does not make debt go away if you actually owe it. You could still be sued by debt collector or your original creditor.

May a debt collector contact anyone else about your debt?

If you have an attorney, debt collector must contact attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, collector may not tell anyone other than you and your attorney that you owe money.

What must debt collector tell you about debt?

Within five days after you are first contacted, collector must send you a written notice telling you amount of money you owe; name of creditor to whom you owe money; and what action to take if you believe you do not owe money.

May a debt collector continue to contact you if you believe you do not owe money?

A collector may not contact you if, within 30 days after you receive written notice, you send collection agency a letter stating you do not owe money. However, a collector can renew collection activities if you are sent proof of debt, such as a copy of a bill for amount owed.

What types of debt collection practices are prohibited?

Harassment. Debt collectors may not harass, oppress, or abuse you or any third parties they contact.

For example, debt collectors may not:

• use threats of violence or harm;
• publish a list of consumers who refuse to pay their debts (except to a credit bureau);
• use obscene or profane language; or
• repeatedly use telephone to annoy someone.