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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 178.29

-1.6%

Dec 12 9:30 AM EST

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To: Maurice Winn who wrote (6495)	12/15/1997 1:19:00 PM
From: kech	Read Replies (1) of 152472

Maurice - Surely you jest that you think there is no need to regulate or control any kind of monopoly? History serves many examples of extreme abuse. Go talk to farmers trying to ship their grain when only one railroad would charge whatever the traffic would bear. More interesting is the case when monopolists use their position in one market to INCREASE their monopoly in adjoining markets. They thereby drive out the possibility for innovation and efficiency in those adjoining markets which you champion. An example might be a commercial waste hauler that owns the local landfill and raises the price to monopoly levels. Not only does the landfill monopolist (if unregulated) make a killing on the landfill but they can also use this to drive out competition in the waste hauling part of the business. Any innovation that competition or entry in waste hauling might provide - say better service or lower rates or both - is not allowed to occur. To be more specific, this is exactly the case that Reno is concerned about for Microsoft and its Browser business. If Microsoft uses its position in OS to drive out Netscape in Browsers it will not be Netscapes inefficiency or lack of innovation in browsers that is the source of its failure. Since it essentially started the market I'm sure you would agree with me on that. In brief, there is a role for regulation and oversight, for maintaining a sufficiently level playing field to allow innovation and competition and the pursuit of transient monopolies to continue. I agree with you that this oversight must be exercised very carefully, and there are many examples of government agencies going overboard and unnecessarily denting the innovation that they should be in charge of protecting. But, not having participated in the thrill of transient monopoly, what can you expect from civil servants? Apologies to Ramsey for this political digression.

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