Computer and video games is a young industry with rapid growth underpinned by technological development. The global market in 2003 was over USD 21 billion compared with USD 32 billion for the recorded music industry. The main segments are off-line consoles and PCs; online and wireless games are...

Virtual worlds are increasingly evolving into Internet-mediated “spaces”, where large groups of people meet and interact in real-time while experiencing a shared sensation of being there together. This enables richer and more dynamic social interaction and collaboration across national and...

Rapid technological advances in information and communication technologies and their widespread diffusion have led some to speculate about "frictionless" economies where transaction costs are nearly zero, barriers to entry and contestability disappear and markets clear instantly.