Well, to be technically correct, oijkonomiva is a NT word. Mainly it refers to the stewardship of a household. It hardly has the meaning ascribed by modern dispensationalists, i.e., 7/10/12/??? time periods in history.
TC WEBSTER is now the full name?
Or is this just another example of the rubber dictionary phenomena?
More correctly ... EVERY Greek word translated into English has an English word representing it. :>)
It refers to the style, or ordering of the economy of the steward of the household.
Therefore, when referring to the “dispensation of grace” it would refer to that economy....as in “the dispensation of the fullness of times.”
I’m fairly sure “oijkonomiva” translates as ‘economy’ in English. And you’re right, it did originally mean household stewardship.