Old Economy served as the third settlement of the Harmony Society in Beaver County, Pennsylvania, where buildings erected from 1824 to 1831 comprised part of the community. The Harmony Society was organized on February 15, 1805, and dissolved on December 15, 1905. Its first settlement was Harmony in Butler County, Pennsylvania, from 1804 to 1815, its second was New Harmony in Posey County, Indiana, from 1814 to 1825, and its third was Economy in Beaver County, Pennsylvania, from 1824 to 1905.