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

To: John Biddle who wrote (830)	8/13/1999 3:43:00 PM
From: Art Bechhoefer	Read Replies (2) \| Respond to of 13582

<<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?>> That sure is a convoluted interpretation of my theory. It's the opposite of what anyone could logically conclude. In fact, approval of the IS-95 standard (for CDMA) reflects a long term approach, taken by a non-government group that could see the advance in the technology. What I said in my comments, referring to what I wrote 24 years ago, was that intelligent regulation can lead to optimum long term decisions. An example of biased regulation can be seen in the vain efforts of European regulators to exclude CDMA. That sort of behavorior occurs when regulators have lost their independence. The complementary view, by the way, is taken by people like George Stigler, a Nobel laureate, who believes that it's impossible to have unbiased, independent regulation, and that the effect of regulation, therefore, is to benefit the groups being regulated. That view (the Chicago school) really doesn't contradict what I say, and may represent the way most regulation really occurs.