Episode 97: Lost Letters: Ash (Æ, æ) and Ethel (Œ, œ)
Words for Granted - An etymology and linguistics podcast
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The Latin O E Diagraph in English
In words where the latin o e diagraph is a stress syllable, in either of the words final two syllables, it's pronounced as long e. We also have a short e pronunciation of words where the ligaature is a stressed close lable such as estrogen and confederate. In tragedy, j is an open syllable followed by the stress syllable d, so we get tragedy instead. Economy is sometimes pronounced economy.
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