Elastic Cloud Computing allows for flexible and scalable management of cloud resources. It originated in 2008 with Amazon EC2's auto scaling and has evolved to include serverless computing and multi-cloud strategies. Elastic Cloud Computing dynamically scales resources based on demand, provides pay-as-you-go billing for optimal costs, and automates resource management through tools like auto-scaling and container orchestration. Its key benefits are high availability of resources and leveraging automation. The future of Elastic Cloud Computing includes enhanced scalability to meet evolving cloud computing demands, with cloud adoption becoming the norm.