The radio spectrum is a natural resource having three dimensions: frequency bandwidth, time and space. That this resource is very valuable is widely accepted [ 12:433-447] $26 billion are invested in its exploitation [12:469]. But the true value of the spectrum is undetermined because it is not traded in a market like most other natural resources. Contrary to the belief of the late Supreme Court Justice Felix Frankfurter, the spectrum is in no important way unique among resources [1:12-13]. It is fixed only in the largely irrelevant sense that it stretches from 10,000 to 3x 101 2 cycles per second. Of this only 1.3 percent is allocated internationally and much of that is not occupied. Even experimentally, only the lowest ten per cent of possible frequency has ever been used. And of course, the amount available for a given use is what counts. In this sense, the supply is in no way fixed. Further, the resource is subject to increases in effective supply by development on both the intensive and extensive margins. Intensively, increased capital investment and technical progress make it possible to communicate with less and less spectrum. Extensively, progress increases the amount of usable spectrum by raising the economic upper limit of frequency. UHF communications and TV operate in spectral regions considered useless before World War II. Spectrum is currently allocated in the U.S. by administrative action of the Federal Communications Commission (FCC) and given