In Part I of this series on Radio Waves I have tried to prove that Maxwell’s theory of electromagnetic waves, claiming that a radio wave travelling in vacuum consists of oscillating electric and magnetic fields mutually inducing one another, is not supported by experiments, being based on assumptions and mathematical manipulations, and is therefore untenable because electric fields cannot exist in vacuum where there are no electric charges to produce them and because experiments have yet to prove that electric fields can be produced in vacuum by changing magnetic fields. In Part II I have expressed the view that light and radio waves are waves in the aether, magnetic in nature, not containing electric waves, being described by the magnetic vector potential A, which corresponds to the velocity v of the flowing aether. In this article I show that the views expressed above give a consistent explanation of the photoelectric effect. I will outline how do the experimental observations of the photoelectric effect summarized in the equation hf = mv2/2 + W, suggest that the photoelectric effect is a Faraday effect of electromagnetic induction. This is significant because, to the best of my knowledge, such an explanation of the photoelectric effect has not been advanced before, and because it proposes a mechanism by which the energy of a light wave is transferred to an electron without being necessary to introduce the hypothesis that light is composed of particles called photons.