
“The U.S. government’s policy of drug prohibition, like alcohol prohibition before it, is a failure. The economic analysis of fighting a supply-side drug war predicts that the war will enhance drug suppliers’ revenues, enabling them to continuously ratchet up their efforts to supply drugs in response to greater enforcement. The result is a drug war that escalates in cost and violence. The drug war causes drugs to be more potent and their quality less predictable than if drugs were legal, leaving the remaining users at greater risk and, in the face of higher prices, more likely to commit crimes to support their habit.”
http://www.econlib.org/library/Columns/y2013/Powelldrugs.html
Related posts:
The Odyssey of Sound Economics
‘Data is the new oil’: Tech giants may be huge, but nothing matches big data
Internationalization and the Libertarian Principle
How Do You Take Your Poison?
Taxation of Americans Abroad versus the 14th Amendment
Bitcoin's Real Revolution Isn't Hard Money, It's Economic Panarchy
The Secret History of G.I. Joe
I, Thanksgiving Dinner
The Gold Roller Coaster
A Special Relationship: The U.S. is teaming up with Al Qaeda, again
The Criminology of Firearms
Ignore Saudi and Israeli Goading for Muscular U.S. Mideast Policy
Washington's Reaction To Bitcoin Is Acknowledgement Of The Dollar's Vulnerability
The Case for the Bitcoin Cryptocurrency
Why College Football Will Be Dead Within 20 Years