Abstract
Today, internet infrasctructure encompasses root servers, broadband lines, routers, content delivery networks, cloud storage, and cellular towers. Broadly construed, these physical assets perform two related and essential services for the modern digital economy. Infrastructure acts as an intermediate input for the production of many services by firms and it acts as an intermediate input into the delivery of access and related services to the internet for households. The improvements to infrastructure receive less heralding than a new and shiny app or device. Fewer financial analysts examine every imaginative aspect of clever business decisions. Nonetheless, improvements arrive apace, both motivated by and enabling advances in a plethora of new devices and platforms. Today's column will take a step back and marvel at the economic logic behind these long-term changes. Let me issue apologies in advance for skirting past a ton of technical details. The column will try to make a complex economic topic digestible by focusing on "trends" in the recent past.
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