Economic Perspectives on the Internet

The information technology sector of the United States economy, spurred on by the expansion of the Internet, has undergone explosive growth. According to one estimate, in 1998 Internet-related industries led to the creation of over 1.2 million jobs and generated more than $300 billion in revenue. At the same time the Internet has expanded immensely. As of December 1999, it was estimated that more than 4.9 million commercial websites had emerged, and in the closing months of the year, that n...