October 22, 2017

Diginomics Definition

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The Diginomics Definition (#Diginomics) that we provide here is the first to be coined and has produced a new buzz in the world of digital economics.

Diginomics Definition - Wallace WoodLONG DIGINOMICS DEFINITION

(1) diginomics (noun) : (dij’i-nom’iks) [digital + economics] (1998)1: the technological and social development toward an all-digital economy conducted electronically in all financial dealings between buyer and seller; a cashless society where all financial transactions are conducted electronically. 2: (adj) 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. “A diginomic lifestyle; a diginomic culture.” Syn. Digital economy, friction-free economy, e-business, mobile economy, m-economy, entertainment economy, intangible economy, global economy. (Diginomics Definition provided by Wallace R. Wood, Houston, Texas, 1998)

(2) posted as Diginomics Definition in Merriam-Webster Online Dictionary:
diginomics (noun) : (dij’i-nom’iks) [digital + economics] the technological and social development toward an all-digital economy conducted electronically in all financial dealings between buyer and seller; a cashless society where all financial transactions are conducted electronically. “Today’s college freshman knows nothing of a world without the Internet and diginomics” — evolving digital economics! —Wallace R. Wood, pertaining to the Diginomics Definition
Submitted by: Wallace R. Wood from Texas on Jul. 21, 2007 18:13

SHORT DIGINOMICS DEFINITION(S)

(1) Diginomics (Noun)
Acronym for “digital economics,” focusing on all things digital relative to online lifestyles, practices and cultures. Virtual, online banking. Mobile commerce.

(2) as posted in Urban Dictionary – January 2012
Diginomics (n) – “digital economics”; all things gone digital across all cultural, economic and political genres.

The evolution of a digitized culture around the world has given increased attention to the original diginomics definition.


Travis Patron (Diginomics.com) writes:

bitcoin-investors-reportThe concept of diginomics is an understanding of the laws which allow society to be governed by number itself. It is the most ethical and oldest form of law known to man – that which is derived from the language of the universe: mathematics.

The English suffix “-nomics” is derived from the Greek νόμος nomos, meaning “law”. The fields ending with -nomics thus, mean “law of” whatever the prefix is. The term “digi” is the root word of “digitus“, which, in Latin, describes a numerical system for recording discrete information. Therefore, in our estimation, the term “diginomics” literally translates to “law from number” – a concept which has been abided to by past civilizations yet utterly lost unto the current generations.

Even so, with computer technologies evolving to encompass an ever-greater portion of societal functions, it is clear a new form of law is emerging. No longer is man-made, judicial legislation the preeminent form of authority it once was. Our society is rapidly moving to a new form of law based on mathematical code, brought forth by the pervasiveness and omnipotence of digital technologies.

This development towards a totally digitized society is what we call diginomics.

This is the field of research we study.


“Diginomics, the digital economy, has changed the field of play completely. It creates enormous opportunities for new business startups.”

– Stralfors-Sweden blog; “Digital economy creates both threats and opportunities.”

 

Online Dictionary Sources: