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I think that the word was chosen because of its easy transliteration as "economy."

The economy of FDR, the revolutionary era economy, and the economy of the antebellum south would all signify an style and ordering of an era.

Of course, Paul's Ephesians 1:

3 Blessed [is] the God and Father of our Lord Jesus Christ, who did bless us in every spiritual blessing in the heavenly places in Christ, 4 according as He did choose us in him before the foundation of the world, for our being holy and unblemished before Him, in love, 5 having foreordained us to the adoption of sons through Jesus Christ to Himself, according to the good pleasure of His will, 6
to the praise of the glory of His grace, in which He did make us accepted in the beloved, 7 in whom we have the redemption through his blood, the remission of the trespasses,
according to the riches of His grace, 8 in which He did abound toward us in all wisdom and prudence, 9 having made known to us the secret of His will, according to His good pleasure, that He purposed in Himself, 10 in regard to the dispensation (ECONOMY) of the fulness of the times, to bring into one the whole in the Christ, both the things in the heavens, and the things upon the earth -- in him;
11 in whom also we did obtain an inheritance, being foreordained according to the purpose of Him who the all things is working according to the counsel of His will, 12 for our being to the praise of His glory, [even] those who did first hope in the Christ, 13 in whom ye also, having heard the word of the truth -- the good news of your salvation -- in whom also having believed, ye were sealed with the Holy Spirit of the promise, 14 which is an earnest of our inheritance, to the redemption of the acquired possession, to the praise of His glory.

I think that the word was chosen because of its easy transliteration as "economy."

OK, fair enough. But there is not anything to suggest the division of time into many distinct "dispensations". All Ephesians is affirming is that when Christ came into the world everything changed as far as heaven and earth being one kingdom under the Kingship of Jesus. Paul was a herald of this new kingdom reality, and an administered of the gospel message.

in regard to the dispensation (ECONOMY) of the fulness of the times, to bring into one the whole in the Christ, both the things in the heavens, and the things upon the earth -- in him;

Christians properly speak of BC and AD. Those are the only "dispensations" known in the Bible. Before Christ came most of the world lived in utter darkness. The gospel was not found anywhere outside of a small insignificant nation of people living in the middle east. Today, the gospel has gone out into all the world. People from every nation, tribe, and tongue worship before the true God, Father, Son and Holy Spirit.

Ironically, one of the most closed and hardened societies to this good news is that nation which claims the covenant name of "Israel". What was once the light of the gentiles now lies in darkness. Only as more and more gentiles nations are converted to Christ will jealousy provoke that ancient people of faith in the Messiah of Israel.

All this will be accomplished without some great apocalyptic tribulation ala the futurist fantasy. Faithful gospel preaching and spiritual worship is what is required to bring men to God. "Faith comes by hearing, and hearing by the Word of God."