Welcome to Our Diginomic World!

Our Diginomic World

A World of Digitized Lifestyles

What is Diginomics?

DIGINOMICS (dij’i-nom’iks), n. – acronym of two words: digital and economics. (1) the status of development toward an all-digital economy conducted electronically in all financial dealings between buyer and seller; a cashless society where all moneys (incl. cash, coins, checks and credit) and transactions involving the same are conducted electronically. (2) Societal trends in which the presence of and use of advanced electronic technology is both prevalent and predominant, creating lifestyles and social cultures that are technology driven. Syn. Cashless society, digital economy, friction-free economy, e-business, mobile economy, m-economy, entertainment economy, intangible economy. [1998, Wallace R. Wood, Houston TX]

For an “official” recognition of this new term, visit the Merriam-Webster On-Line Open Dictionary site.
As far back as 1972, Robert Hendrickson, in his book entitled, The Cashless Society, observed that “according to most futurists, all that is necessary is to wait out a short term in the cycle of human history and a cashless society will inevitably befall us. The advent of a cashless society requires little from us than a moderate amount of time and patience, because this is a development that is automatic and inevitable.”

Exactly what constitutes a “moderate amount of time” is anybody’s guess at this point. Here we are in 2009 … 37 years after that prediction was published, and, for the most part, a “cashless” society does not yet exist – at least, not on the surface where we all live at the end of our work day. Nonetheless, the reality is that, save for the money in our pockets, global economics has been digitized and computerized. The “old” world of checks, coins and cash is methodically fading away. The Intangible Economy of Diginomics is maturing. All that remains are the psychological tendencies to reach for something to hold in our hands to finish a transaction.  Are we ready to make that switch?

From the perspective of “money” alone, the transformation from dependency upon tangible, old-fashioned “hard” currency that one could touch, handle and exchange, to that which is computerized, electronic digits that are transferred between computer accounts has been all but made complete in this first decade of the 21st century. The transition from “old world” currency to “new world” digital dollars has been slow and methodical, but progressive nonetheless … and noteworthy if we are to fully understand what it all means and where we are going in this transformation.
As we proceed through this series, we will look more closely at what I call the Five Pillars of Diginomics:

I. Diginomic Money
II. Diginomic Mobility
III. Diginomic Lifestyle
IV. Diginomic Globalization
V. Diginomic One World

Wallace Wood is founder, chairman and chief executive officer of the National Space & Technology Association in Houston, Texas. Website: http://www.nstaworld.org.


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One Response to “Welcome to Our Diginomic World!”

  1. Wallace R. Wood Says:

    Nida –
    Thanks for your reply to my blog. It’s been a while since I last added anything to it, but I plan to continue the posts shortly. Comments like yours encourage me to return to it sooner than later. Let me invite you to join our growing group at:
    There I am posting updates on news stories that address the growing realities behind a Diginomic World in development. I also have Diginomic postings on Facebook, MySpace, Plaxo, and LinkedIn. Check those out as well. I also have other news groups on some of those sites for NSTA and Technology in the News. I invite you to sign up for those as well.
    Thank you again for your encouragement. Come back often. Hope to see you in those other sites.

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