Hello Tronmkiheda.
It is supposed to be echo-gnomics (economics).
Quote:
- [p. 44/39] "'Reflected-sound-of-underground-spirits?'"
Surprising as it may seem (or at least as it was to me), there are quite a few people who do not understand this cryptification of 'economics', even though it is explicitly explained by Terry a bit later, on p. 71/63: 'echo-gnomics'. Some of the confusion perhaps arises from the fact that we don't usually associate gnomes with spirits, as in: ghosts. But I think Terry here simply means spirits (as in: souls) living underground, with the emphasis on the word 'underground'.
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You can find plenty of information about the books and all the puns and cultural references here :
The Annotated Pratchett File v9.0 - Index