CONCLUSION

This chapter provided an overview of key industrial organization aspects of the Internet. In contrast to earlier contributions to the field, it focused less on single market segments but emphasized the unique technological attributes and technological dynamics of the Internet.

The inherent dynamics of the Internet requires focusing on the interdependence of the innovation potential for application services and traffic services. With heterogene­ous applications and heterogeneous user groups it is analytically useful to consider markets for Internet traffic services as platforms for Internet application services providers as well as end users. The basic message of industrial economics is that dynamic markets like the Internet should neither be exempted from general compe­tition policy nor do they justify new and specific antitrust policies. Entrepreneurial decision-making is a powerful force to explore the potential of dynamic and emerging markets.

In liberalized network industries the traditional goals of consumer protection policies as well as general competition policy also hold. Similar to the role of antitrust policy in innovative markets the labeling of a network industry as innovative can by no means serve as a blanket justification for the elimination of market power regulation. Ex ante sector-specific regulations of network specific market power are justified.

The Internet also raises fundamental theoretical problems for economics. For one, industrial organization does not yet have a good set of theories to model highly inter­dependent systems. Given interdependence, plasticity of technology and dynamic tech­nological change, core notions of economics - the definition and operationalization of a ‘market’, the operationalization of competition - are increasingly difficult if not impossible. This has potentially far-reaching implications for public policy, given that regulation and antitrust are rooted in a clear understanding of relevant markets and the effectiveness of competition in these markets. Moreover, given the interdependen­cies among different actors, the non-linear relations that characterize the Internet, and the pervasive presence of increasing returns, many basic assumptions of equilibrium- oriented economics are violated. In highly interconnected and interdependent systems actors’ perceptions and optimization calculus may become endogenous and evolve with the state of the Internet. Thus the assumptions of stable preferences, the exist­ence of a stable optimum, and many other key economic concepts may have to be reassessed.

There is interesting theoretical and empirical research in many areas that may eventu­ally help in overcoming these challenges (some of it discussed in subsequent chapters of this Handbook). Research in the areas of the economics of networks, in the emerg­ing field of network science, and in innovation economics is coming to grips with the dynamics of highly connected systems characterized by a high rate of technological change.

NOTES

1. The term ‘new economy’ was initially used in the 1990s and associated with many exuberant claims such as the emergence of an economy without business cycles and with unlimited growth prospects. Many of these expectations have since been replaced by more realistic assessments but the notion retains some of its appeal.

2. Economides (2005); Greenstein (2005, 2012a); Church and Gandal (2005); Gans et al. (2005); as well as Hoernig and Valletti (2012) provide overviews of the economics of Internet infrastructure. Benkler (2006) is an innovative discussion of market and non-market dimensions of the Internet and their fundamental economic and social consequences. See also Chapter 5 by Benkler in this volume.

3. From the perspective of the Internet layer scheme, one may further differentiate into application and services at the edge. Where justified without loss of generality we will refer to application services as includ­ing both.

4. The National Science Foundation permitted Barry Stein, the founder of The World, to sell Internet to ordi­nary people as opposed to ‘bona fide researchers’.

5. The price of mobile data declined from nearly $10 per megabyte in 2006 to a few cents per megabyte in 2012. See ‘The truly personal computer’, The Economist, 28 February-6 March 2015, p. 19.

6. For TV distribution, over-the-air broadcasting is technically much more efficient than streaming over fixed or mobile networks.

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