The Greek word oikonomia (οικονομια) is used in the New Testament nine times. It is a combination of the words oikos and nomos which respectively mean house and law. Oikonomia means a household arrangement, a plan for management of a large household.
The English word economy is equivalent to oikonomia. It is used in Ephesians 1:10, 3:9, and 1 Timothy 1:4 for God’s plan, God’s administrative arrangement for carrying out His purpose in His house, His household, which is the totality of His people.*
God’s purpose is eternal, not short-term. Ephesians 3:11 speaks of “the eternal purpose which He made in Christ Jesus our Lord.” His economy is for accomplishing this eternal purpose. The goal is New Jerusalem at the center of the new heaven and new earth.
God arranges everything to bring us to New Jerusalem as His eternal goal. Ephesians 1:11 tells us that, before creation, we…
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