Q: In the article it is explained that leisure is commonly defined as 'time not spent at work', when you are free of compulsion and obligation. Part of leisure time is the free time, which is time not spent at work AND time not spent on eating and sleeping. The part of the free time spent on recreation' is the part that is spent on emotional and physical well-being (e.g. sports, studying etc.). Entertainment is the part of recreation which, according to the article 'produces a pleasurable and satisfying experience'. So if 'entertainment' is such a small segment of spending time, why is it that the entertainment industry is booming business?
A: I think that in recent times, people have become more interested and maybe even obsessed with entertainment. People are using more and more of their recreational time for entertainment instead of using it for sports or study. If you look at TV for instance, most programs are entertainment. So TV is losing its function of being educational, but is turning into something only diverting. The entertainment industry is embracing this shift, and with technological progress, more possibilities are being offered to be entertained. And of course it's only logical that people would want to be entertained, because of the 'pleasurable and satisfying experience' it offers. But to what extent is this really true? Maybe it's only because the entertainment industry is promoting her products in such a way that it is turning into a hype to be entertained. If so, the industry is succeeding very well in this strategy, that's why so much money is being made (and spent) in the entertainmend industry.
E. Castronova (2003) On virtual economics
Q: Will the virtual economy become more interesting and attractive for companies to invest in than the real economy?
A: Well, according to the article it's obvious that the virtual economy is gaining interest. The investing in, and buying and selling of, digital goods is certainly an aspect of the future economy. In fact, it is even already happening nowadays. But I think it's not true that the virtual economy will become more lucrative than the real economy. No doubt that virtual economy will expand and become a greater segment of the economy. But who knows what the future will bring. I never thought that I would be investing in digital goods... but I pay an amount every year for having my own space on the internet (webspace) and I claimed my own domainname there... Most companies have a branch specialized in e-marketing and websites on which goods are being sold. But to sell digital goods is something else. Castronova writes about artefacts for online games being sold, but I think its hard to come up with more digital goods that can be sold. I earlier mentioned webspace as another digital good, but I don't now if there are many other things that can be digital goods. So I think that only the virtual entertainment industry will continue to grow (offering things you can use for online gaming). And if so, virtual economy will never become a rival of the real economy.
