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It's one of several words that used to start with an "oe" ligature, such as oestrus and oesophagus.
So although it would be ridiculous to spell it "oeconomics" these days, that indicates the proper pronunciation is "eek", just as the name "Phoebe" is pronounced "feebie" and those other examples are pronounced eestrus and eesophagus
Mind you if it follows an "e", such as in "the economy", I'd pronounce it more like "ick", simply to distinguish the two "e"s. Maybe that's where the "eck" pronunciation originated.
P.S. Next week I'll ask the guy who sits behind me at clientco, and (constantly!) pronounces "data" and "project" as "darter" and "proaject"
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