Stephen Levy profiles Hal Varian, Google’s chief economist:
Varian is an expert on what may be the most successful business idea in history: AdWords, Google’s unique method for selling online advertising. AdWords analyzes every Google search to determine which advertisers get each of up to 11 “sponsored links” on every results page. It’s the world’s biggest, fastest auction, a never-ending, automated, self-service version of Tokyo’s boisterous Tsukiji fish market, and it takes place, Varian says, “every time you search.” He never mentions how much revenue advertising brings in. But Google is a public company, so anyone can find the number: It was $21 billion last year.