Virtual economy

Definition of Virtual economy

A virtual economy (also known as synthetic economy) can be portrayed as emergent economy which’s existence revolves around a virtual persistent world with the purpose of exchanging virtual goods in the context of the internet game. It is seen that people get involves in this virtual world for recreation entertainment, not because of necessity.

Books on Virtual economy

Book 1 –

A Critical Rewriting of Global Political Economy By V. Spike Peterson (published by Routledge, 2004)

Book 2 –

Knowledge Map of The Virtual Economy By Vili Lehdonvirta, Mirko Ernkvist ( Published by InfoDev, Information for Development Program, 2011)

How Virtual economy works?

On the internet, people are allowed to get engaged in traditional transactions like buying and selling goods and services in various formats. In a recent development, people can order equipments, goods and services online. Now paper invoice has been replaced by quicker processing and immediate payment.

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