Abstract We give a plausible explanation of the power law distributions of degrees observed in the graphs arising in the Internet topology [5] based on a toy model of Internet growth in which two objectives are optimized simultaneously: "last mile " connection costs, and transmission delays measured in hops. We also point out a similar phenomenon, anticipated in [2], in the distribution of file sizes. Our results seem to suggest that power laws tend to arise as a result of complex, multi-objective optimization.