There’s a new article about the blogging boom in the current issue of The Economist: It’s the links, stupid.
And for those of you still wondering:
The word “blog” appears to date back to 1997, when one of the few practitioners at the time, Jorn Barger, called his site a “weblog”. In 1999, another user, Peter Merholz, playfully broke the word into “we blog”, and somehow the new term—blog—stuck as both a verb and a noun. Technically, it means a web page to which its owner regularly adds new entries, or “posts”, which tend to be (but need not be) short and often contain hyperlinks to other blogs or websites.
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