PageRank is a Markov chain on the web: a random surfer follows a link at random, and with probability 1−d instead teleports to a page chosen uniformly. Rank = the stationary distribution of that walk — the long-run fraction of time the surfer spends on each page. The teleport term guarantees the chain is connected and aperiodic, so the power method converges to one answer whatever the link graph, dead ends and all.
Power-iterate the Google matrix on a small link graph; the ranks settle to the surfer's residence times and sum to one. The most-linked-to page from strong pages wins — not just the most links: live demo
“Google invented ranking pages by their eigenvector.” — eigenvector centrality is decades older: Seeley 1949 (sociometry), Katz 1953, Pinski–Narin 1976 (journal-influence weights, the closest ancestor). What Brin–Page genuinely added was the teleport/damping term that turns a broken, dead-end-ridden link graph into one connected chain with a guaranteed unique answer. (That lineage is a retrospective tracing — Franceschet, CACM 2011 — not a citation Brin–Page made; their own papers framed PageRank as citation-counting plus Kleinberg's HITS.) credit both ways
PageRank is a stationary distribution in disguise, and it is computed, not stored: the rank vector is wherever the surfer's walk lands after enough steps. Teleport is the one line that makes “enough steps” exist. Brin–Page 1998
On the canonical compiler, a 3-page graph (0→1, 1→2, 2→{0,1}) with damping d=0.85 ranks the pages by residence time — page 1, fed by both others, wins: