11 November 2005

The Service Economy Gone Mad?

Another article from the Ars Technica folk about the man who has bought a Space Station for US$100,000. Sounds like a bargain, except that this is a virtual space station. It does not, of course, physically exist. Instead, it exists only in a parallel game universe - that of Project Entropia. Apparently this universe has a current annual GNP of about $150m.

Can any economist explain to me whether this is a good thing or not? It's not manufacturing certainly, but is it as valuable as some dry cleaning or a haircut? Or is it just robbing (dumb) Peter to pay (cleverer) Paul?

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