This is the fifth in a series on the economics of broadcasting written by Kenneth Harwood. Articles on the “ecology” of broadcasters (Vol. 6, No. 3), distribution of payrolls (7:4), “On Earning a Non‐Profit” (11:1), and “On Public Broadcasting for Private Profit” (11:3) already have appeared in the Journal. Dr. Harwood is professor and dean in the School of Communications and Theater of Temple University, chairman of the board of Broadcast Foundation of California, and an active member of numerous professional associations. For a dozen years he served as an officer or director of the APBE.