No...Spell Economics keeps you from paying life points to activate a spell card.
From Ronin rulings: "¢ While "Spell Economics" is active, you don't have to pay Life Points to activate a Spell Card (place it face-up on the field), but to activate an effect of a Spell Card, like "Archfiend's Oath", you still have to pay.
"¢ You have to pay for "Chain Energy" even if you control "Spell Economics".
You still have to pay the cost for the effect of the spell card and in this case, in order to summon a tribute monster, you would still pay the 1000 LP x # tributes needed for the summon.
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