Outlining the elements of an industrial organization of the Internet requires an operational delineation of its boundaries and reliance on theoretical frameworks appropriate to its rapid pace of change. We respond to the first challenge by examining the Internet as a multi-layered socio-technical system. Embracing an inclusive perspective of the entire Internet ecosystem we differentiate, where appropriate, network infrastructure from applications and services based on this infrastructure. In addition, we analyze the emerging overall economic properties of the Internet. The conceptual challenges are addressed by grounding our approach in the economics of technologically dynamic industries with rapidly evolving markets.
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