Andrew Wagner

The Economics of Online Gaming covers basic economic concepts, unique economic issues, and general economic themes. This book is made from the connections that the author saw when he compared his experience inside a video game with what he learned through a formal study of economic theory. Set in the Massively Multiplayer Online Role-Playing Game (MMORPG) of Eternal Lands, it follows the true story of Mr. Mind, a gamer who builds a business inside the game world that he calls RICH. This business grows from a small start-up to an unregulated natural monopoly that abuses its market power by intentionally losing money to drive competitors out of business. RICH becomes so influential that it breaks the market process with a unique case of regulatory capture. Through this story, the book demonstrates how economic thinking is absorbed by experimenting inside an online video game. The Economics of Online Gaming covers basic economic concepts, unique economic issues, and general economic themes. Each of these topics begins with the context of a story and continues with an explanation of the economic theory behind it, finishing with a relevant real-world connection. It supports economic theory in an emotional way that cannot be shared through math or charts or graphs. Appendix B provides a comprehensive outline of ideas for teaching and discussion in each chapter.

A Player’s Introduction to Economic Thinking

The Economics of Online Gaming

Elizabeth Haas Edersheim

Jerome Krase

Athina Karatzogianni

Lucien Oulahbib

Maxim Lepskiy

Iryna Lopatiuk

Costantino Slobodyanyuk

Vitalii Lunov

Vladimir Skvorets

Federico Roso

Oleg Maltsev

Maurie J. Cohen

Dr. Geoffrey Brian West

Emilio Viano

James Finckenauer

Alan N. Shapiro

Adam Mead

Eduardo Almeida

Olga Panchenko

Araceli Almaraz Alvarado

Oleksandr Sahaidak

Andrew McLaverty-Robinson

Serhii Svyrydenko

Svetlana Illiusha

Andrew Mark Creighton

Pavel Pedina

Maryna Illiusha

Collected Papers of the International interdisciplinary conference ‘‘Real Life and the Real Economics’’ There are many insoluble paradoxes in the advanced and technologically driven 21st century. One of these cornerstone mysteries is the factual history of business, economics, and even day-to-day technologies. If it is considered that ''money rules the world,'' then why, is it the case, there is no single reasonable idea, how and where money came from? What was the progression of metamorphosis and transformations that allowed impersonal pieces of paper and electronic signals to become today the central exchange equivalent? There is no history of business, history of economy or history of human civilization. These categories simply do not exist as a reflection of scientifically established knowledge of laws. Many researchers, treading the pathway of obstacles derived from false data, simply give up in hopelessness. ''Business is business!'' is the verdict—a multifaceted conclusion and restless justification of why some suffer severe punishment for things that are authorized to others. These phenomena, these elements of our lives, did not arise ''on their own.'' Everything has its history, its consistent tendency and its course of evolution. Business and its configuration were developed, designed, and commissioned by some on a global level. Who, in this case, is more competent to answer recurring questions about the true essence of business and economy? Certainly, immediate ''architects'' or creators. Unfortunately, the beginning and escalation of business took place several centuries ago, and it is not possible to find an architect and address to him any articulate questions. Nevertheless, we can bring together leading scholars, experts and practitioners from different fields of science and other spheres who have dedicated their professional activities to solving concrete business problems and untangling the oxymorons prevalent in the field. The International Interdisciplinary Conference "Real Life and Real Economics", united leading scholars, experts, practitioners, financial journalists and thinkers for the discussion on 6 different online panels, where the following questions were discussed: 1) History of business, technological history of our civilization, contradictions, distortions and invented stories. 2) Self-deception as the foundation of the modern world in Baudrillard's philosophy. 3) Origins of business consultants and the security field. 4) "Business heroes" of different times. 5) Origins of business construction elements (human resources, marketing, etc.) 6) People and consumer society (Baudrillard), the place of a person in consumer society. 7) Examples of contradictions in the history of business and technological history. 8) What is the formula of a business? (Which sciences compose it). 9) Where we are at? Who controls the rate of change in industries? 10) How long will consumer society last? Could the ongoing consequences of the pandemic cease its existence? 11) Modern science and pre-modern science. Why are scholars of the XVI-XIX centuries no less inferior but in many ways superior to modern scholars? How do we explain this? 12) What is the mystery of the scientific origins of economics and business.

International interdisciplinary conference

Real Life and Real Economics

Andrew Wagner

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