Over the past three years, I’ve looked for a name for our proposed economic science which is directly descended from Adam Smith’s The Wealth of Nations and David Hume’s A Treatise of Human Nature.
Since it is an economic science for a social system, the name ‘Socionomics’ becomes an easy candidate, combining ‘society’ + ‘nomics’ (management, law), implying the management of society. However, the word has already been taken.
So while I couldn’t think of any better alternatives, I gave it temporary names like ‘Socioeconomics’ and ‘Smithonomics’. Socioeconomics is very general and already defined in some sectors and universities. Smithonomics sounds like a good candidate, since the science directly comes from Adam Smith. However, I felt that this would cause it to become a religion with Smith’s writings as scripture.
This morning while brushing my teeth, I thought of ‘Soranomics‘ which combines ‘social resource allocation’ + ‘nomics’ or the management of resource allocation in a society. In addition, this name is new and unique, yet contains the ideas in Smith and Hume’s works. More importantly, it views resource allocation from the perspective of society instead of the self as what Economics and the business sciences currently do. While Economics, specifically Microeconomics, focuses on the prosperity of the self, Soranomics focuses on the prosperity (and survival) of human societies.
In addition, ‘sora’ means ‘sky’ in Japanese (This whole thing came from my research proposal to a scholarship program to Japan which was unsuccessful). With this name, I hope to let people aim for the sky in terms of resources and potentiality, meaning they would be freed from the limitations or gravity created by the commercial or mercantile system which Smith was so much against — specifically the idea that money = wealth.
For example, in the current economic or commercial system, you can’t do anything without money because money is the basis of exchange. You could borrow money as a monetary credit, but this would burden you with interest rates and inflation. But through Social Resource Allocation (SORA), you could do exchanges using barter and resource credits, freeing you from the reliance on money. Since money is represented by numbers and since money is not essential to SORA, people will no longer be chasing after number or objects, but instead, will go for each other and whatever purpose they’ve set out to accomplish, bringing about real ‘economic’ democracy and a natural emphasis on morality, both of which are lacking in the current economic and commercial systems. In other words, while ‘Economic’ systems are driven by numbers and money, ‘Soranomic’ systems are driven by information and moral sentiments.
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