It’s Time To End The Drug War
The Article: Let’s Be Blunt: It’s Time to End the Drug War by Art Carden in Forbes.
The Text: April 20 is the counter-culture āholidayā on which lots and lots of people come together to advocate marijuana legalization (or just get high). Should drugsāespecially marijuanaābe legal? The answer is āyes.ā Immediately. Without hesitation. Do not pass Go. Do not collect $200 seized in a civil asset forfeiture. The war on drugs has been a dismal failure. Itās high time to end prohibition. Even if you arenāt willing to go whole-hog and legalize all drugs, at the very least we should legalize marijuana.
For the sake of the argument, letās go ahead and assume that everything youāve heard about the dangers of drugs is completely true. That probably means that using drugs is a terrible idea. It doesnāt mean, however, that the drug war is a good idea.
Prohibition is a textbook example of a policy with negative unintended consequences. Literally: itās an example in the textbook I use in my introductory economics classes (Cowen and Tabarrok, Modern Principles of Economics if youāre curious) and in the most popular introductory economics textbook in the world (by N. Gregory Mankiw).The demand curve for drugs is extremely inelastic, meaning that people donāt change their drug consumption very much in response to changes in prices. Therefore, vigorous enforcement means higher prices and higher revenues for drug dealers. In fact, Iāll defer to Cowen and Tabarrokāpage 60 of the first edition, if youāre still curiousāfor a discussion of the basic economic logic: