Virtual Reality in Economics

With the new development and advances in Virtual Reality, many sectors of the economy will face advantageous changes. Virtual Reality has the potential to improve consumer living as it is predicted to reduce the costs of living. This would strengthen an economy of a country and improve poverty levels.  With increasing development of VR, the digital divide across the world would become smaller and more people will be connected with the same level of technology.

Virtual Reality could provide platform of cheap virtual sectors of everyday living. VR will allow the consumer to access all virtual markets and sectors without having to leave home. This however will only benefit those who can afford the VR headsets as the cost of the headsets is not affordable for all consumers at this time.

VR will transform the way we encounter life. VR will give us the opportunity to stay in the confines of our home and be able to watch live entertainment, such as sport, or go virtual shopping with your avatar. This reduces the cost of doing such activities and in effect helps the people save more money.  The development of Virtual Reality also gives rise to large economy-of-sale savings as everything in the virtual world will be cheaper. VR development has also created a new demand for virtual goods and services. This creates a new sector of industry for professions such as game designers and graphic designers.

VR is predicted to impact on all sectors of economies; however this cannot be backed up by research. Previous attempts have failed and left many sceptics of VR. This leads us to believe. Will this be successful in now or will it be another failure?

Author: Jonathan Ellis

References:

1.   http://www.wired.com/insights/2014/10/virtual-reality-economy/

a.   Article written by: Brain Shuster, Utherverse Digital

b.   Date: 27 April 2016

2.   http://www.purplepillvr.com/virtual-reality-impact-economy/

a.   Article written by: Nick Kraakman

b.   Date: 27 April 2016