Our Diginomic World Submitted by Wallace R. Wood, National Space and Technology Association (NSTA) 713-979-5288 / WWood@NSTAworld.org / www.nstaworld.org Introduction: 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 About Our Guest: Wallace Wood is founder, chairman and chief executive officer of the National Space & Technology Association in Houston, Texas. Website: www.nstaworld.org.