On the issue of substantive characteristics of the virtual economy

Yuri Ivantsov; Ekaterina Nalivaichenko

ON THE ISSUE OF SUBSTANTIVE CHARACTERISTICS OF THE VIRTUAL ECONOMY On the issue of substantive characteristics of the virtual economy

АА Аа

Published in Theoretical economics · Issue 1 · Pages 12–23 · Rubric: ACTUAL PROBLEMS OF THEORETICAL ECONOMY

Received: 09.12.2023 Accepted: 22.12.2023 Published: 30.03.2024

Authors

Yuri Ivantsov

Ekaterina Nalivaichenko

ORCID

Yuri Ivantsov

Academic degree: graduate student of economic sciences

V.I. Vernadsky Crimean Federal University Simferopol

Ekaterina Nalivaichenko

Academic degree: doctor of economic sciences

Science rang: professor

V.I. Vernadsky Crimean Federal University professor · Department of Enterprise Economics · Simferopol

ORCID

ABSTRACT

The virtual economy has firmly taken the position of a new structural element of the world economy. The purpose of the article is a comprehensive study of the fundamental principles of the formation and development of the virtual economy. The objectives of the study are: a detailed analysis of the essence of the virtual economy based on a systematic approach to terminology in this area - the concepts of “virtual”, “virtualization”, “virtual reality”, “virtual economy”; highlighting the essential features of the virtual economy, determined precisely by the status of its virtuality, as well as the characteristic features of the virtual economy; detailed consideration of the spheres and structure of the virtual economy; identification of the main opportunities of the virtual economy for economic activity as a whole. The authors conducted a conceptual, detailed analysis of the essence of the virtual economy based on a systematic approach to terminology in this area - the concepts of “virtual”, “virtualization”, “virtual reality”, “virtual economy”. The essential features of the virtual economy, determined precisely by the status of its virtuality, as well as the characteristic features of the virtual economy are highlighted. The spheres and structure of the virtual economy are examined in detail. The main prospects for the virtual economy for economic activity in general are identified. The authors concluded that the virtualization of the economy, with the ever-expanding spread and use of the Internet in business, scientific research and even in the exchange of cultural values, seems to be a fairly natural and motivated process, and this phenomenon is becoming increasingly powerful in the era of digital transformation. The substantive characteristics of the virtual economy, as a special economic space for carrying out economic processes in digital form, reflect the process of transformation of the real economy under the influence of digital globalization and lie in the primary role of intellectual capital and information and communication technologies; continuity of innovation as a determining factor of economic growth; strengthening the influence of the quality and novelty of information on the efficiency of economic processes.

KEYWORDS

virtual economy, virtualization, virtuality, virtual reality, signs of a virtual economy, spheres of a virtual economy, components of a virtual economy, digital transformation, digital technologies.

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