If, therefore, the capitalist who applies the new method sells his commodity at its social value of one shilling, he sells it for 3d. above its individual value, and thus he realizes an extra surplus-value of 3d. […] Nevertheless, even in this case, the increased production of surplus-value arises from the curtailment of the necessary labour-time, and the corresponding prolongation of the surplus labour. […] The exceptionally productive labour acts as intensified labour; it creates in equal periods of time greater values than average social labour of the same kind. […] Hence the capitalist who applies the improved method of production appropriates and devotes to surplus labour a greater portion of the working day than the other capitalists in the same business. […] On the other hand, however, this extra surplus-value vanishes as soon as the new method of production is generalized, for then the difference between the individual value of the cheapened commodity and its social value vanishes (Marx 1867, 434–436).
Empirical data provide indications that it is rather difficult to increase productivity in arts and live entertainment and in contrast easier in publishing, audiovisual, and broadcast media, telecommunications, and IT. We also have tried to show that the assumption that the labour theory of value is inapplicable to the information industries is not feasible.
The overall conclusion that we can draw is that we need approaches that combine the Marxian labour theory of value and empirical economic analysis of macro-economic data. Such approaches should also think of how to critically theorise and measure the information economy’s value.
References
Chapter Twelve | The Information Economy
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References