"The economy" is often just another way of saying "everyone in aggregate."

Of course "the economy" is a vague, undefined term. But it's easy to think of various specific measures like median household income or the unemployment rate that capture this dynamic.

So regarding your final sentiment, I think that often "the economy" and "the people" are the same thing. If something raises the unemployment rate, that will bad for "the economy" and also "the people."

This is an incredibly blinkered view. The economy is important, but there are many other factors as to whether a given policy is overall good for the citizenry or not.

Elon Musk and I are doing quite well financially, in aggregate.

Obviously how wealth is distributed is a hugely important factor, which a "good" economy does not necessarily take into account.