Economics of artificial societies

  • Thread starter Norman
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In summary: I have no idea if it would be possible to study economics in a virtual world like WoW, but it's an interesting idea.
  • #1
Norman
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So after reading an article on slashdot about World of Warcraft (WOW) and how people are mining gold in the game then selling the gold on ebay to other players for ingame use, I got to thinking on if there were any studies done on these artificial worlds and their economics? I tried searching the net, but I couldn't find anything. Anyways, I know that economics is kind of a science in its infancy (as in it doesn't deal well with systems outside of equilibrium), but it seems that these artificial worlds that are growing and dynamic would make for some interesting tests of economic theories, maybe? I really know very little about economics (I am a doctoral student in physics) but I thought it might be a good idea... what does anyone around here who might know about this stuff actually think?
 
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  • #2
I don't see how the economics of a video game could be any different from any other economic model. I am not an economist, but I would assume that any theory of economics would be a subset of the entire economy, just like any physics theory or equation is a subset of a hypothetical GUT.

Briefly, a model used for Walmart could well be used for a Warcraft society. The latter being a much, much, much simpler case, just like F=GMm/r2 is much simpler than GR's gravity equations.
 
  • #3
My idea would be since this is theoretically a simpler system (I don't know in fact if it is) that it may be easier to test different theories of economics on. Or to see how this economy differs from real world economies. You could also artificially mess with the economy without having any catastrophic (at least to the real world) ramifications to see how it responds to different stimuli, etc. Now I am not even sure if this makes any sense in terms of economics, but what I understand is that there are competing economic theories and this could be a testing ground for them. Whether this Warcraft world is complex enough to be useful, I don't know since I have no idea what the game is like. It was just an idea and I was wondering if it was complete rubish or not.
 
  • #4
That's a very interesting idea.
 

1. What is the purpose of studying the economics of artificial societies?

The purpose of studying the economics of artificial societies is to gain a better understanding of how economic systems function and evolve in complex societies. By creating and studying artificial societies, researchers can simulate and test different economic theories and policies in a controlled environment, allowing for a deeper understanding of real-world economic systems.

2. What are some key factors that influence the economy in artificial societies?

Some key factors that influence the economy in artificial societies include resource availability, population size and growth, technological advancements, social norms and behaviors, and government policies. These factors can interact in complex ways, leading to different economic outcomes.

3. How do artificial societies differ from real-world societies in terms of economic systems?

Artificial societies are simplified representations of real-world societies, and therefore, their economic systems may not accurately reflect the complexities and nuances of real-world economies. Additionally, artificial societies may have different incentives and goals compared to real-world societies, leading to different economic behaviors and outcomes.

4. Can studying artificial societies help us predict real-world economic outcomes?

While artificial societies can provide insights and test different economic theories, they cannot accurately predict real-world economic outcomes. This is because real-world societies are influenced by a multitude of factors that cannot be fully replicated in artificial societies. However, studying artificial societies can help us understand the underlying mechanisms driving economic systems, which can inform our understanding and predictions of real-world economies.

5. How can the study of artificial societies inform policy-making?

The study of artificial societies can inform policy-making by providing a controlled environment to test and evaluate different economic policies. By observing the outcomes of these policies in artificial societies, researchers can gain insights into their potential effects in real-world societies. Additionally, the study of artificial societies can help identify potential unintended consequences of policies and provide guidance for effective policy implementation.

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