Oak Leaves and the Origins of the 1927 Radio Act: Comment

The Radio Act of 1927 was enacted so as to pre-empt the common law property rights then being asserted over radio waves, thus facilitating a political equilibrium where broadcasters and regulators shared license rents. The Oak Leaves case of November 1926, awarding AM frequency rights to a private b...

Full description

Saved in:
Bibliographic Details
Published in:Public choice 1998-06, Vol.95 (3/4), p.277-285
Main Author: Hazlett, Thomas W.
Format: Article
Language:English
Subjects:
Broadcasting
Broadcasting industry
Causality
Commerce
Common law
Dill
Endorsements
Enforcement
Equilibrium
Legislation
Licenses
Licensing
Politics
Private property
Property rights
Public interest
Radio
Regulated industries
Regulation
Senators
Vested rights
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:The Radio Act of 1927 was enacted so as to pre-empt the common law property rights then being asserted over radio waves, thus facilitating a political equilibrium where broadcasters and regulators shared license rents. The Oak Leaves case of November 1926, awarding AM frequency rights to a private broadcaster on the homesteading principle, helped motivate Congress, steering it towards a "public interest" licensing law. The Twight paper, while ostensibly critiquing this now standard view in the law and economics literature, actually endorses it. The existing history stands corroborated, uncorrected.
ISSN:0048-5829
1573-7101
DOI:10.1023/a:1004902006342