The analysis of the economic implications of "Web 2.0" applications and loosely-associated technologies such as wikis, blogs, social-networking, open-source, open-content, file-sharing, peer-production, etc. has also gained scientific attention. This area of research investigates the implications Web 2.0 has for an economy and the principles underlying the economy of Web 2.0.
Cass Sunstein's book "Infotopia" discussed the Hayekian nature of collaborative production, characterized by decentralized decision-making, directed by (often non-monetary) prices rather than central planners in business or government.
Don Tapscott and Anthony D. Williams argue in their book Wikinomics: How Mass Collaboration Changes Everything (2006) that the economy of "the new web" depends on mass collaboration. Tapscott and Williams regard it as important for new media companies to find ways of how to make profit with the help of Web 2.0. The prospective Internet-based economy that they term "Wikinomics" would depend on the principles of openness, peering, sharing, and acting globally. They identify seven Web 2.0 business-models (peer pioneers, ideagoras, prosumers, new Alexandrians, platforms for participation, global plantfloor, wiki workplace).
Organizations could make use of these principles and models in order to prosper with the help of Web 2.0-like applications: "Companies can design and assemble products with their customers, and in some cases customers can do the majority of the value creation... In each instance the traditionally passive buyers of editorial and advertising take active, participatory roles in value creation." Tapscott and Williams suggest business strategies as "models where masses of consumers, employees, suppliers, business partners, and even competitors cocreate value in the absence of direct managerial control". Tapscott and Williams see the outcome as an economic democracy.
Some other views in the scientific debate agree with Tapscott and Williams that value-creation increasingly depends on harnessing open source/content, networking, sharing, and peering, but disagree that this will result in an economic democracy, predicting a subtle form and deepening of exploitation, in which Internet-based global outsourcing reduces labor-costs by transferring jobs from workers in wealthy nations to workers in poor nations. In such a view, the economic implications of a new web might include on the one hand the emergence of new business-models based on global outsourcing, whereas on the other hand non-commercial online platforms could undermine profit-making and anticipate a co-operative economy. For example, Tiziana Terranova speaks of "free labor" (performed without payment) in the case where prosumers produce surplus value in the circulation-sphere of the cultural industries.
Some examples of Web 2.0 business models that attempt to generate revenues in online shopping and online marketplaces are referred to as social commerce and social shopping. Social commerce involves user-generated marketplaces where individuals can set up online shops and link their shops in a networked marketplace, drawing on concepts of electronic commerce and social networking. Social shopping involves customers interacting with each other while shopping, typically online, and often in a social network environment. Academic research on the economic value implications of social commerce and having sellers in online marketplaces link to each others' shops has been conducted by researchers in the business school at Columbia University.
