Adam Arvidsson, Elanor Colleoni: Value in Informational Capitalism and on the Internet. A Reply to Christian Fuchs (draft, 2011)

This article critically engages with recent applications of the Marxist ‘labor theory of value’ to online prosumer practices, and offers an alternative framework to theorize value creation in such practices. We argue that the labor theory of value is difficult to apply to online prosumer practices for two reasons. First because value creation in such practices is poorly related to time. Second because the realization of the value accumulated by social media companies generally occurs on financial markets, rather than in direct commodity exchange. In alternative we offer an understanding of value creation as based primarily on the capacity to initiate and sustain webs of affective relations, and value realization as linked to a reputation based financial economy. We argue that this model describes the process of value creation and appropriation in the context of online prosumer platforms better than an approach based on the marxian labor theory of value. We also suggest that our approach can be cast new light on value creation within informational capitalism in general.

Available at Social Science Research Network (SSRN)
Working Paper Series
February 2011

original paper by Christian Fuchs
response to Arvidsson&Colleoni’s paper (Poor Richard, P2P Foundation)

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