Abstract
In 1959 the Federal Communications Commission invited economist Ronald Coase to testify about his proposal for market allocation of radio rights. The FCC's first question: Is this all a big joke? Today, however, leading policy makers - including the current FCC Chair - decry the spectrum drought produced by administrative allocation and call for the creation of private bandwidth markets. This essay examines marketplace trends driving regulators' change of humor, and considers the path of policy liberalization in light of emerging technologies, theories of unlimited bandwidth, reforms such as FCC license auctions, and recent progress in deregulating wireless markets in the U.S. and around the globe.
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