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ABSTRACT
Failures to understand the constraints and incentives facing decisionmakers have resulted in the creation of the myth that property rights and spectrum markets would have been superior to the regulatory system of the Radio Act of 1927. Discussions of hypothetical spectrum property rights in the 1920s fail to take account of (1) the vast differences between the radio propagation conditions in the radio spectrum in use then and propagation in the bulk of the radio spectrum today and (2) the technical limitations of equipment at that time. The author concludes that spectrum property rights would have resulted in more radio service in urban areas, a substantial loss of rural service, and diminished consumer welfare.