The US’s “700 MHz auction” recently closed with some $19.6bn in winning bids. But the dollars flowing to the Treasury are tantamount to loose change. The real payoff is that the chunk of prime spectrum made available will fuel-inject the wireless turbines of the information economy.

Mobile US subscribers enjoy annual benefits of at least $150bn. The 52 MHz of new bandwidth made available – to be used by AT&T, Verizon Wireless and other auction winners for high-speed internet access, mobile TV and more – will compound that consumer gain substantially. End-users will enjoy more each year from the 700 MHz licences than the government takes in once.