Econocracy defines a society in which improving the economy has become the main purpose of politics and economic policymaking has become a technocratic process.
The term econocrat was first coined by Peter Self in 1976 to describe those with the professional training that qualifies them in the eyes of society as an expert on the economy.
[1] The term Econocracy was then developed by several different writers in 2016 to talk about how the economy and economists themselves have come to play a central role in modern societies.
In an econocracy a broad range of activities from the arts, education, health and literature are justified as valuable because they contribute positively to the economy.
Econocracy undermines participatory and deliberative democracy because it delegates decision-making to economic experts and because public discourse is jargon-heavy and expert-led.
[3] In another poll, less than 40% of respondents could correctly identify the definitions of Gross Domestic Product (GDP) and of quantitative easing, given a list of possible answers.