History Commons^™

Radio Regulation Revisited: Coase, The Fcc, And The Public Interest, David A. Moss, Michael R. Fein Ph.D.

Humanities Department Faculty Publications & Research

It is now more than forty years since Ronald Coase’s seminal article on the Federal Communications Commission first appeared in the pages of the Journal of Law and Economics.1 The article remains important for a number of reasons, not least of which is that it offered his first articulation of the Coase Theorem.2 Of even greater importance for our purposes, the article literally redefined the terms of debate over American broadcast regulation, in both historical and contemporary treatments of the subject. Focusing particularly on the development of radio regulation, Coase rejected the prevailing notion that the establishment of the Federal …