In her essay, Rand argues that the radio spectrum are not "public" property as it is treated today but rather property that should be returned to private ownership as with any other scarce resource (mineral deposits, oil fields, ...). Property rights form the basis of all other rights.
Public interest is inevitably used to justify government actions including censorship in conflict with the 1st amendment of the constitution. Additionally, government bureaucrats are imperfect people and subject to influence and corruption. Public interest therefore becomes discretionary power which people and corporations seek to influence in order to gain special favors (e.g. protect against more capable competitors).
Rand offers a solution to these problems:
- Return government to its role of enforcing private property rights and get out of the business of ownership, regulation, and dictating "public interest" with respect to the radio spectrum.
- Return the radio spectrum to private ownership by auction off the spectrum to the highest bidder (i.e. ownership not licenses).
- Allow the free market to maximize the utility of the radio spectrum.