We at LIRNEasia have always seen transaction costs at the heart of much of what we do. Our interest in ICTs in value chains, for example, has been focused on changes to transaction costs made possible by ICTs. This fascinating article on the business models underlying cloud computing foregrounds the scale economies perfected by the likes of Amazon. But perhaps the real story is in the negligible transaction costs of billing? This economics of tiny things demonstrates the global power of the few companies, including Microsoft and Google, that can make fortunes counting this small and often.