Editors' Summary: As this Article demonstrates, most experts agree that the electromagnetic spectrum is a vital natural resource. Yet European and U.S. governments fail to treat it as such. The author looks at contributions made by two scholars, Ronald Coase's public trust doctrine and Garrett Hardin's tragedy of the commons, and examines their influence on the debate surrounding the electromagnetic spectrum's classification as a natural resource. The author then addresses sustainability concerns and argues that as is the case with all natural resources, a balance between overexploitation and underexploitation is needed in the management of the spectrum.