Provenance
Where it comes from.
'Econ' descends from Greek oikonomia, 'household management,' built from oikos, 'house,' and a form of nemein, 'to manage.' That is the same root that gives us economy and economics. By the 1660s the English word had gathered its sense of thrift and the judicious use of resources.
'Wise' comes from Old English wis, 'learned, prudent, experienced,' from a Proto-Germanic form tied to the ancient root weid-, 'to see.' It carries the old idea that to see something clearly is to know it. Together the two halves pair managing what you have with the judgment to do it well.