Four propositions and their policy consequences are advanced in this paper to identify pitfalls endemic to making policy in the rapidly changing area of telecommunications. The major point made in the discussion of these propositions and consequences is that any policy involving restrictive regulation of the rapidly changing field of telecommunications may retard rather than stimulate the complex process of innovation and implementation. On the other hand, it is argued that the failure to regulate could lead to the same adverse effect, thus, wise policy in this area cannot be reduced to a single dictum. (RL)