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The 1927 Radio Act as Pre-emption of Common Law Property Rights

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  • Thomas W. Hazlett

    (Clemson University)

Abstract

The 1927 Radio Act imposed a new legal regime for radio spectrum: The Act established administrative allocations according to the “public interest.” This reform has been credited by the U.S. Supreme Court with bringing order out of chaos and thereby averting endemic market failure. Ronald Coase challenged the logic of the resulting regulatory policy but not its historical origins: He attributed the regime shift to policy makers’ failure to grasp the possibility of ownership rights in frequencies. An alternative interpretation, however, explains the Radio Act as a measure that was designed to block such property rules. The legal history and market data tend to support the latter.

Suggested Citation

  • Thomas W. Hazlett, 2020. "The 1927 Radio Act as Pre-emption of Common Law Property Rights," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 56(1), pages 17-35, February.
    • Handle: RePEc:kap:revind:v:56:y:2020:i:1:d:10.1007_s11151-019-09707-4
    DOI: 10.1007/s11151-019-09707-4
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    References listed on IDEAS

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    1. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    2. Hazlett, Thomas W, 1990. "The Rationality of U.S. Regulation of the Broadcast Spectrum," Journal of Law and Economics, University of Chicago Press, vol. 33(1), pages 133-175, April.
    3. Hazlett, Thomas W, 1998. "Assigning Property Rights to Radio Spectrum Users: Why Did FCC License Auctions Take 67 Years?," Journal of Law and Economics, University of Chicago Press, vol. 41(2), pages 529-575, October.
    4. Coase, R H, 1998. "Comment on Thomas W. Hazlett: Assigning Property Rights to Radio Spectrum Users: Why Did FCC License Auctions Take 67 Years?," Journal of Law and Economics, University of Chicago Press, vol. 41(2), pages 577-580, October.
    5. H. H. Goldin & R. H. Coase, 1965. "Discussion of "Evaluation of Public Policy Relating to Radio and Television Broadcasting: Social and Economic Issues" (Coase)," Land Economics, University of Wisconsin Press, vol. 41(2), pages 167-168.
    6. Thomas Krattenmaker & Lucas Powe, 1994. "Regulating Broadcast Programming," Books, American Enterprise Institute, number 53082, September.
    7. R. H. Coase, 1965. "Evaluation of Public Policy Relating to Radio and Television Broadcasting: Social and Economic Issues," Land Economics, University of Wisconsin Press, vol. 41(2), pages 161-167.
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    Cited by:

    1. Hazlett, Thomas W., 2022. "Free speech and the challenge of efficiency," Telecommunications Policy, Elsevier, vol. 46(9).

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