Wireless World: Enormous innovation, but big challenges

A record number of mobile phones were shipped last year, and analysts and investors are now saying that the promises made 10 years ago about the potential for the wireless economy are truly being realized. Still, some of the foremost investors and analysts tell United Press International's Wireless World that they are nervous that the United States may not maintain its competitive edge in the global information economy unless certain changes are made -- by federal policymakers and business leaders -- soon.

"There is enormous innovation in our economy -- no doubt," said James Melcher, founder of the New York City-based hedge fund, Balestra Capital Management, in an interview with Wireless World. "It's incredible. But there are problems. Why are countries with only 40 percent of the world's population (e.g., China) graduating ten times as many engineers and scientists as we are? Why are our schools pumping out so many lawyers? There is no value-added in legal work." By Gene Koprowski