Biblical foundation of the term "Administration" of the Old/New Covenants

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JTB.SDG

Puritan Board Sophomore
We know well the distinction and importance of the Substance versus Administration of the old/new covenants: They are the same in substance (essential nature) but differ as to their administration. My question is: Where does this term "administration" come from. My assumption is that it comes from Paul's words in Ephesians 1:10 (cf. 3:9) where he speaks of the "administration" of the new covenant. Is that correct? Interestingly, the Greek is oikonomia, which is where we get our English word "economy", which in turn, seems to be the basis of Witsius' treatise: Economy of the Covenants. Does this sound right? I'm making assumptions here but don't remember reading anyone explicitly saying this, so I'm looking for confirmation.
 
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