The articles collected in this book originated at a conference at which legal and economic scholars discussed the issue of First Amendment protection for commercial speech. The first article, in arguing for freedom for commercial speech, finds inconsistent and untenable the arguments of those who advocate freedom from regulation for political activity and yet desire regulation of commercial activity; it then cites court cases that have dealt with the question of constitutional protection for commercial speech and predicts a trend toward diminished regulation of advertising. The four succeeding articles comment on the first article; although they agree in part with some of its conclusions, they seriously challenge much of what was presented. The final section of the book is a transcript of a discussion by conference participants. (GW)