▪ Spectrum’s value comes from how people use it, so spectrum policy should maximize productivity rather than maximizing auction revenue or minimizing interference.

▪ Markets are the best way to drive spectrum to its most productive use, so spectrum policy should enable well-functioning markets for flexible licenses.

▪ There are important federal missions that require spectrum, but policymakers should account for its value in the appropriations process.

▪ Public and private research into new radio technologies is key to increasing the availability of spectrum through developments such as sharing systems and uses for higher frequencies.

▪ Unlicensed spectrum contributes to productivity when combined with proper technical rules and limited propagation, but calls for more unlicensed spectrum deserve close scrutiny.