By Paul J.J. Welfens, Mathias Weske
This ebook analyzes the dynamics and affects of software program improvement and discusses new institutional and financial adjustments within the context of electronic industry economies. Regulatory methods in OECD nations are in comparison and state stories evaluated with admire to innovation and welfare elements. The publication additionally examines telecommunications law of fastened line networks, cable television and cellular communications. additionally discusses the position of ecu framework law and problems with industry strength.
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Additional info for Digital Economic Dynamics: Innovations, Networks and Regulations
The FCC has concurrent authority with the Department of Justice to enforce section 7 of the Clayton Act with respect to telecommunications common carriers. Moreover, as regards mergers the FCC does not need to rely on the Clayton Act Section 7, rather it can rely on its more general "pubhc interest" authority to review fransfers of licenses or authorizations subject to regulations of FCC. In merger cases, consistent decisions require cooperation between the FCC and antitrust agencies which can be difficult in the case that confidential information available to the latter cannot easily be shared with the FCC (a waiver often helps here).
At the same time the adjustment speed in financial markets has increased strongly so that overshooting problems (short term deviation from long equilibrium value of the real exchange rate) have potentially become more important. Strong exchange rate overshooting which basically reflects differences in the fast adjustment speed of financial markets and slow adjustment speed in goods and factor markets can seriously destabilize a country's economy. While it is trae that ICT raises productivity and output growth, it also could be argued that there will be more long term volatility of output and prices so that the average welfare effect of Digital Social Market Economy - Towards a New Economic System 27 ICT could be ambiguous in certain cases, namely when the increase in volatility more than offsets the increase in output growth.
Correct and adequate anticipation of network effects is not always easy, as we know from the fragmented patches of telecommunications networks in the UK in the 19* century when telecommunication operators finally called for Digital Social Market Economy - Towards a New Economic System 31 consolidation through nationalization of the network. A single national operator could find it rather easy to establish regions with mutually-competitive networks, and it also would be able to anticipate network effects with a low degree of uncertainty.
Digital Economic Dynamics: Innovations, Networks and Regulations by Paul J.J. Welfens, Mathias Weske