Don't be thrown by the word "economy"
In the 19th Century, they weren't just talking about the price of Tea in China.
The word “economy” refers to the management of a household. It comes from the ancient Greek word oikonomia, which is made up of two words:
Oikos: typically “household.”
Nemein: “management and dispensation.”
In 19th century usage, it often means the management of money. In the past, as today, it is sometimes used as synonymous with “austerity,” “frugality,” “prudence,” or “thrift” which is like the way we use it in “economy car” or when we economize.
Consider:
“He did not study economy but lived extravagantly, in his travels laid out money here and there” MS 1, 1853.
[“He did not study economy” — This does not mean he didn’t take a course in Economics, although it does say that literally. But you can find clues in the antonyms: “he lived extravagantly,” and “laid out money”.]
“Many of the poor lack management and economy.” MS 4, 1860.
[The contextual clues here are “lack” and “management.” These poor were not good money-managers, therefore what they lacked was “economy”.]
But there are broader 19th Century uses I want to mention, because you might be confused by them. These are more synonymous with the words system or management:
“These doctrines, followed to their logical conclusion, sweep away the whole Christian economy.” Letter 242, 1903.
Economy here doesn’t mean the financial output and consumption of all Christians and their households as a literal calculation. What is meant here is not a sweeping away of real monetary output as we would understand it commonly. It means the entire system of salvation— the meaning or purpose for it.
Consider:
“Now, this progress in evil, and declension in good, which marks our whole economy, and is its prevailing characteristic, naturally awakens in our mind a presumption of what “the end of these things shall be.” The course of the economy being evil throughout, its close is likely to be in judgment. Apostasy naturally leads to ruin.” Advent Tract #4, 1855.
Try first system, then management.
In both cases, “economy” (contextually qualified) does not apply first to literal goods, products, money, or services at all — but to the figurative, spiritual equivalents, but which may then go on to apply to the actual, through that lens of understanding.
It is interesting to notice that, even when used a figurative noun, the word “economy” still retains the idea behind the adjective, which is clearly some form of saving.