This was the conclusion of at least one respected and generally knowledgeable business leader in the entertainment/communications industry. Japanese and European HDTV systems were apparently based on this false premise. The Japanese analog MUSE HDTV system was outmoded even as it was launched. The implications of this experience for government-led "industrial policy" are beyond the scope of this paper. See Cynthia A. Beltz, High Tech Maneuvers, Industrial Policy Lessons of HDTV, AEI Press, Washington, D.C., 1991.