Principles of Tech-Okonomie: Future of economics for 2050

Abstract

The term "Economics" can be traced back to the ancient times when Greeks used to restrict it for the household frugality. Centuries later, we are living in a world where again technological advancements have brought in focus the "Oikos" or house. Digitalisation, technology and innovations have led us to enter into the next phase of revolution where Big Data, Internet of things (IoT), machine learning and artificial intelligence (AI) will prevail. In this paper, it is proposed that "Tech-Okonomie" be treated as a new form of Economics which subsists on the interplay of local ecosystem and household level data with respect to global scenario. Future of Economics shall not be held hostage to the old schools of Economics rather we should let our future generations bloom into an intertwined common world. It is postulated that the tide of data usages shall be harnessed to energise the growth engine of global economy with each "eco-unit" and "household" as a central theme. All forms of Economics whether at micro-level or macro-level needs such a Tech-Okonomie transformation into reality by the year 2050. This paper illustrates how the analysis of production, distribution and consumption of goods and services can permeate into economic policy changes which are based on the pulse of the "eco-unit" and "household". Principles of Tech-Okonomie emphasises upon a strategy for transformation of economies into such circular economies where human subsystems merge into a global ecosystem in sustainable manner. Governance should shift from the "production of wealth" to the "survival of planet". We should now shift towards inclusive "planet-centric economic growth models" from the earlier exclusive "human-centric development models".