Your e-Lab and e-commerce programs make this a particularly appropriate place to talk about the lessons that can be drawn from developments in electronic commerce over the past several years. Governor Daane, thank you for inviting me to speak. The recent past has provided an excellent opportunity to observe how businesses and individuals respond to significant technological changes.
But we should also be mindful that Internet-based commerce, in particular, is still young and unquestionably evolving. Hence, I must emphasize that these are only preliminary observations. Today I will touch on three main topics. First, I will explore a few early observations about the economics of electronic commerce based on the experiences of the past few years.