Rethinking the Role of History in Law & Economics: The Case of the Federal Radio Commission in 1927
AbstractIn the study of law and economics, there is a danger that historical inferences from theory may infect historical tests of theory. It is imperative, therefore, that historical tests always involve a vigorous search not only for confirming evidence, but for disconfirming evidence as well. We undertake such a search in the context of a single well-known case: the Federal Radio Commission's (FRC's) 1927 decision not to expand the broadcast radio band. The standard account of this decision holds that incumbent broadcasters opposed expansion (to avoid increased competition) and succeeded in capturing the FRC. Although successful broadcaster opposition may be taken as confirming evidence for this interpretation, our review of the record reveals even stronger disconfirming evidence. In particular, we find that every major interest group, not just radio broadcasters, publicly opposed expansion of the band in 1927, and that broadcasters themselves were divided at the FRC's hearings.
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Bibliographic InfoPaper provided by Harvard Business School in its series Harvard Business School Working Papers with number 09-008.
Length: 38 pages
Date of creation: Jul 2008
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-08-21 (All new papers)
- NEP-HIS-2008-08-21 (Business, Economic & Financial History)
- NEP-HPE-2008-08-21 (History & Philosophy of Economics)
- NEP-LAW-2008-08-21 (Law & Economics)
- NEP-PKE-2008-08-21 (Post Keynesian Economics)
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