This thesis concerns about the regulation policy of the mobile communications which has resource constraints and the characteristics of the economies of scope. First, this analyses the characteristics of radio spectrum as a scarce common resource in the view of physical, legal and economic sense. Second, this analyses the general regulation policy with the economies of scope, especially in the focus of the line-of-business regulations and Cross-Subsidy. With these concepts, this also retrospects the regulation policy of mobile communications in Korea after 1980s. So, it is concluded that the policy in Korea lacks the concepts of radio spectrum as a resource and mostly depends on the discretion of the government. And this proposes a new directions of regulation policy scheme for the fair and efficient utilization of the radio spectrum to cope with the more competitive and open economies. The proposed new directions include i) conceptualization of radio spectrum as economic goods, ii) development of spectrum management scheme suitable for public mobile communications, and iii) unification of selection procedures of new mobile communications carriers and resource allocation procedures.