Theoconomy, in practical theology, is theology applied to development economics in the academia and industry for a new career path in economics and industrialization for home grown solutions. Theoconomy is thus a practical theology for professional studies in modern field of economics in theocratic order. Theoconomy is for a common interest economy in a multipolar society. Theoconomy essentially, provides understanding of contextual mission in an indigenization for self-reliance economies. Theoconomics, in development economics, is the study of economic science in harnessing and allocation of scarce resources with ethics and innovation in the areas of (1) mercantilism, (2) structural-change theory, (3) linear stages of growth and (4) economic nationalism – a new economic order (theoconomy) for home grown solutions to meet peoples’ needs in multipolar society for common interest economy. Theoconomy reflects the natural order progression economic principles of Adam Smith. Theoconomy promotes economic structural transformation for sustainable economies for nations to break away from foreign grant-aid-import dependency economy.
Global economy that lacks ethical component is presently in need of a new order and growth stimuli. Deficiencies have been identified in global economic order in serious disequilibrium economic growth between Africa and the rest. Many theories have not paid much attention the missing link identified, which is a science of the rules of morality called, Ethics, expunged from the economics theory of Adam Smith. The world economic order is thus confronted with severe ethical issues threatening equitable global economic order. Hence to help fix this systemic mess,
Theoconomy/theoconomics is introduced in development economics for a new order and growth stimuli to global economy.
Theoconomy, which is a common interest economy in a multipolar society, is a modern career path in economics and industrialization in development economics for home grown solutions. Theoconomy offers a new economic order with economic diversification values, which articulate natural laws of prosperity and a universal ethics standard that is responsive to the changing universal conditions.
Theoconomics fundamentally, harnesses traditional and non-traditional natural resources for innovative local income mobilized economy. It is the study of art and science of prudence and care exercised by humans over their limited resources in production, distribution and consumption of goods and services. Theoconomics is thus the study of economic science in harnessing and allocation of scarce resources with ethics and innovation for home grown solutions to meet peoples’ needs in multipolar society for common interest economy.