I have been thinking recently about the word “economy”. The word itself seems to hold questionable definitions. The ones I am interested in are the following:

1: The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

2: The careful management of available resources.

Both of these definitios stand at odds in regards to two terms. The first is “wealth” and the second “careful”. We have been indoctrinated to think of economy in terms of wealth. The entire world survives on debt, which is nothing more than borrowing from the future. In actuality, I prefer a slight different definition. I would define “economy” as ” the sustainable management of frugality”. This definition portrays better a concurrent state of frugality and devising a sustainable management plan.

Alas, none of these elements have been considered in regards to the Lebanese economy.