Open prosperity: How latent realities arising from virtual-social-physical convergence (VSP) increase opportunities for global prosperity

Research output: Contribution to journalArticleScientificpeer-review

5 Citations (Scopus)

Abstract

Virtual technologies, social technologies, and physical technologies are often considered separately. By contrast, there has been little consideration of virtual-social-physical convergence (VSP) in the literature. Moreover, there has been little, if any, consideration of latent realities brought about by VSP. Latent realities are realities that exist, but are neither directly observable nor easily described by a single measure. In this paper, it is explained how VSP latent realities open up opportunities for global prosperity. Four contributions to the literature are made. Firstly, virtual-social-physical convergence (VSP) is explained in terms of convergence theories. Second, VSP latent realities are described in relation to relevant theories such as ecosystem edge effects. Third, VSP latent realities are related to international prosperity goals in terms of Resource-based Theory, Knowledge-based View, and Transaction Cost Economics. Fourth, it is argued that latent realities arising from VSP can be more important for increasing prosperity than physical realities arising from previous waves of technological convergence. VSP latent realities are related to practice in terms of macroeconomics and microeconomics. In addition, methodologies and foci for future research are discussed.
Original languageEnglish
Pages (from-to)92-103
JournalTechnology in Society
Volume44
DOIs
Publication statusPublished - 2016
MoE publication typeA1 Journal article-refereed

Fingerprint

prosperity
Ecosystems
Economics
convergence theory
social technology
Prosperity
Costs
microeconomics
transaction costs
macroeconomics
methodology
resources

Keywords

  • circular economy
  • collaborative consumption
  • education
  • entrepreneurship
  • freedom
  • governance
  • gross national happiness
  • gross national product
  • inclusive growth
  • innovation
  • latent realities
  • open prosperity
  • public co-creation
  • third wave DIY
  • virtual-social-physical convergence

Cite this

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title = "Open prosperity: How latent realities arising from virtual-social-physical convergence (VSP) increase opportunities for global prosperity",
abstract = "Virtual technologies, social technologies, and physical technologies are often considered separately. By contrast, there has been little consideration of virtual-social-physical convergence (VSP) in the literature. Moreover, there has been little, if any, consideration of latent realities brought about by VSP. Latent realities are realities that exist, but are neither directly observable nor easily described by a single measure. In this paper, it is explained how VSP latent realities open up opportunities for global prosperity. Four contributions to the literature are made. Firstly, virtual-social-physical convergence (VSP) is explained in terms of convergence theories. Second, VSP latent realities are described in relation to relevant theories such as ecosystem edge effects. Third, VSP latent realities are related to international prosperity goals in terms of Resource-based Theory, Knowledge-based View, and Transaction Cost Economics. Fourth, it is argued that latent realities arising from VSP can be more important for increasing prosperity than physical realities arising from previous waves of technological convergence. VSP latent realities are related to practice in terms of macroeconomics and microeconomics. In addition, methodologies and foci for future research are discussed.",
keywords = "circular economy, collaborative consumption, education, entrepreneurship, freedom, governance, gross national happiness, gross national product, inclusive growth, innovation, latent realities, open prosperity, public co-creation, third wave DIY, virtual-social-physical convergence",
author = "Stephen Fox",
year = "2016",
doi = "10.1016/j.techsoc.2016.01.001",
language = "English",
volume = "44",
pages = "92--103",
journal = "Technology in Society",
issn = "0160-791X",
publisher = "Elsevier",

}

Open prosperity: How latent realities arising from virtual-social-physical convergence (VSP) increase opportunities for global prosperity. / Fox, Stephen.

In: Technology in Society, Vol. 44, 2016, p. 92-103.

Research output: Contribution to journalArticleScientificpeer-review

TY - JOUR

T1 - Open prosperity: How latent realities arising from virtual-social-physical convergence (VSP) increase opportunities for global prosperity

AU - Fox, Stephen

PY - 2016

Y1 - 2016

N2 - Virtual technologies, social technologies, and physical technologies are often considered separately. By contrast, there has been little consideration of virtual-social-physical convergence (VSP) in the literature. Moreover, there has been little, if any, consideration of latent realities brought about by VSP. Latent realities are realities that exist, but are neither directly observable nor easily described by a single measure. In this paper, it is explained how VSP latent realities open up opportunities for global prosperity. Four contributions to the literature are made. Firstly, virtual-social-physical convergence (VSP) is explained in terms of convergence theories. Second, VSP latent realities are described in relation to relevant theories such as ecosystem edge effects. Third, VSP latent realities are related to international prosperity goals in terms of Resource-based Theory, Knowledge-based View, and Transaction Cost Economics. Fourth, it is argued that latent realities arising from VSP can be more important for increasing prosperity than physical realities arising from previous waves of technological convergence. VSP latent realities are related to practice in terms of macroeconomics and microeconomics. In addition, methodologies and foci for future research are discussed.

AB - Virtual technologies, social technologies, and physical technologies are often considered separately. By contrast, there has been little consideration of virtual-social-physical convergence (VSP) in the literature. Moreover, there has been little, if any, consideration of latent realities brought about by VSP. Latent realities are realities that exist, but are neither directly observable nor easily described by a single measure. In this paper, it is explained how VSP latent realities open up opportunities for global prosperity. Four contributions to the literature are made. Firstly, virtual-social-physical convergence (VSP) is explained in terms of convergence theories. Second, VSP latent realities are described in relation to relevant theories such as ecosystem edge effects. Third, VSP latent realities are related to international prosperity goals in terms of Resource-based Theory, Knowledge-based View, and Transaction Cost Economics. Fourth, it is argued that latent realities arising from VSP can be more important for increasing prosperity than physical realities arising from previous waves of technological convergence. VSP latent realities are related to practice in terms of macroeconomics and microeconomics. In addition, methodologies and foci for future research are discussed.

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KW - collaborative consumption

KW - education

KW - entrepreneurship

KW - freedom

KW - governance

KW - gross national happiness

KW - gross national product

KW - inclusive growth

KW - innovation

KW - latent realities

KW - open prosperity

KW - public co-creation

KW - third wave DIY

KW - virtual-social-physical convergence

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