** ethonomics – A new definition of Ethonomics was proposed by Fast Company magazine in February 2009. Along with technology, design, leadership, newsletter and job headings, “Ethonomics” holds a prominent drop-down menu on their website.
The end of the modern financial system as we know it has cleared the way for an era of ethical economics, or “Ethonomics.” We live in a world that’s resource-constrained but ingenuity-rich. So an upstart generation of entrepreneurs–and innovators within the world’s biggest companies–are founding businesses that are good for the world as well as the bottom line. They are practicing social change through urban revitalization, sustainable agriculture, green IT, alternative energy and online community-powered investing.
One ethonomist that I watch is John Mackey, CEO of Whole Foods, and he calls this new era “conscious capitalism.” Fast Company wrote about him in December and he is quoted:
“You see, Conscious Capitalism is a fairly new idea, but it’s going to have a huge impact,” he begins, describing the philosophy he developed as he built his tiny natural-foods store into an $8 billion retail beast. “I do believe it will become the dominant paradigm of business in the 21st century.” Fast Company writes: Conscious Capitalism, Mackey insists, moves corporations to refocus on purpose instead of profit. In theory, it underscores the importance of all of a company’s interdependent “stakeholders”: employees, customers, shareholders, suppliers, community, and the environment. When all of those constituencies’ interests are factored into the company’s decisions and aligned, his thinking goes, all — including, not incidentally, the bottom line — will flourish.
The new entrepreneurs are the ones who can be motivated by a desire to make the world better. It takes an entrepreneurial spirit that starts within.