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Technology Stocks : The New Qualcomm - a S&P500 company -- Ignore unavailable to you. Want to Upgrade?

To: Art Bechhoefer who wrote (822)	8/13/1999 8:49:00 AM
From: gdichaz	Read Replies (2) \| Respond to of 13582

Art: Any chance you could summarize the main points in your 1975 paper as they relate to the current FCC situation re moving ahead on CDMA as quickly and painlessly as possible in the US - especially on the use of CDMA for data, which seems to me to be crucial not just for 3rd gen but for broader spectrum uses? Or perhaps somewhat more narrow and direct, since you have studied this area, what are your views on the NextWave/Nextel broo ha ha? TIA Chaz

To: Art Bechhoefer who wrote (822)	8/13/1999 12:58:00 PM
From: John Biddle	Read Replies (1) \| Respond to of 13582

It is a common misconception that regulatory agencies interfere with the free market, and so should be restricted on the assumption that more competition provides the best regulation. The reality is that intelligent regulation (by knowledgable, independent regulators - perhaps an oxymoron) can actually create a system that outperforms the free market. The reason is that unregulated competition usually prefers an optimum short term solution, whereas independent regulators concentrate on longer term considerations. So, if I understand you theory correctly, Qualcomm wouldn't exist today because they represented a short term inefficiency in the world-wide cellular market and kept GSM from becoming a true standard? What pap. The basis for these conclusions is developed further in a paper I wrote for the Univ. of Michigan in 1975, "The Dynamics of the Regulatory Process." You shouldn't be looking back with pride on your work as a young man, but chuckling at how you could have been so unwise.