This analysis of government regulation of America's broadcast service provides: (1) a historical view of radio and television regulation, including the doctrines of scarcity and public trustee and other areas affected by deregulation in particular; (2) an analysis of the argument for deregulation; and (3) an assessment of the First Amendment, the public interest standard, and content regulation. The major goal of the analysis is to determine the degree to which deregulation accommodates the contemporary American broadcast marketplace including both broadcasters and the public. It concludes that: (1) deregulation is likely to be beneficial to both broadcasters and the public in terms of greater program flexibility and innovation, and in reducing unnecessary economic burdens; (2) broadcasters will still be subject to comparative applications and renewals, as well as other statutory rules still in force, which may result in very little change; and (3) little progress has been made on the crucial issue of full First Amendment rights. (28 end notes) (CGD)