I don’t know about you, but Amazon Web Services’ announcement last week that it is launching a spot market for its Elastic Cloud Computing service (EC2) struck me as a kind of watershed event.

Spot markets pop up in mature capacity industries where buyers bid on the market price of something at any given moment in time based on supply, demand and constraints to production. Spot markets are a sure sign of a community’s understanding of how constraints affect a constant price and you see it in wizened oil or livestock traders all the time.

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