The word “diginomics” came as Wallace R. Wood, a futuristic journalist and author in Houston, considered a request from the publisher of his first book, Cashless Society: A World Without Money (1974).
The request was to write a sequel to the first book 25 years after the fact. The year was 1998.
In considering his options, Wood realized two things: (1) the term “cashless society” had, in his words, “fallen on hard times.” Having tracked the growing trends toward such a reality since the late 1960s, Wood knew that what had been predicted by many experts through the ’70s and ’80s had failed to fully materialize … and, yet, the evolution was very evident. And (2) if the term “cashless society” would not do, then what would? After all, in an age going totally electronic, where even cash itself would eventually be replaced by digitized electronic impulses, what word or term would be an adequate substitute?
And then the thought itself: a totally digital economic system was about to emerge globally that would change everything. It was inevitable because of the very nature of “progress” itself … always moving forward, never going back. Why not call it diginomics … for digital economics?
His first venture into the world of the Internet came with the publishing of his first article on the digital economy, “Diginomics” – Reviewing the New Globalized Digital Economy on December 1, 1998. Since then, the word itself has taken off worldwide. In 2007, the Merriam-Webster Online Dictionary was the first to capture the word and use his definition. Suddenly, global conferences, workshops, seminars, books, articles, university-level classes, websites and more bearing the word Diginomics have emerged online.
New Money Perspective
The Wall Street Journal quoted a banking consultant in its November 30, 2011 edition as saying, “Many of today’s bankers don’t quite get the fact there is a new normal, a new world order that is coming to banking.” Author and IT consultant Don Tapscott supports that view in his 1996 best seller, THE DIGITAL ECONOMY: “This new global situation is turning the world economy upside down. The economy for the Age of Networked Intelligence is a digital economy.”
Bitcoin appears to be the new leader of an emerging industry of digital currencies known as “cybercurrencies.” It’s what Joel Kurtzman first coined in his 1993 book, THE DEATH OF MONEY, as “megabyte money.” (UPDATE: Joel Kurtzman passed away in early April 2016. He was 68. Read more)
“Case in point: only one in ten US dollars in circulation today is a physical note—the kind you can hold in your hand or put in your wallet. The other nine are virtual.” ~ McKinsey & Company special report: “The Global Grid” (June 2010).
Welcome to the World of Diginomics!
Today, Wood heads DiginomicsCentral.com where he continues to research, write and speak on “Our Diginomic World” and “Our Transparent World.”
Wallace Wood’s postings elsewhere online:
- 1974: book: Cashless Society: A World Without Money
- 1986: Co-founded: Shuttle News Service
- 1987: co-editor, book: An Entrepreneur’s Introduction to Space Commerce and Shuttle Experiments
- 1987: Founded: Space & Telecomm News Bureau
- 1998: first coined “Diginomics” for “digital economics”
- 1999: National speaking tour (45 cities in 31 states) on “The Embedded Internet”
- 2000: book: The Embedded Internet: The Final Evolution
- 2003: Founded: National Space & Technology Association (NSTA)
- 2007: Merriam-Webster Online Dictionary credited Wood with new English word: Diginomics
- 2011: changed NSTA to National Science & Technology Association (NSTAworld)
- 2012: Founded: International S.T.E.M. Foundation (ISF)
- 2013: Founded: DiginomicWorld News Network on social media: Facebook * Twitter * LinkedIn