This paper concerns the operation of competition in the presence of a high rate of innovation and increasing returns …. Given free competition there is likely to exist, in this case, a tendency towards what may be called "dynamic equilibrium … this investment yields only a normal return. Thus, competition, increasing returns and innovation may co-exist …

addition, this idea is largely contradicted by the short period during which the sector achieved some level of competition … Telecommunications Act and of much of the competition it helped facilitate …