Noted Economists Agree

An intresting follow-up to our lesson on capitalism, and an absolute must read in its entirety:

Why conservatives should favor legalizing marijuana

At a 1991 lecture titled “The Drug War as a Socialist Enterprise,” conservative economist Milton Friedman noted: “There are some general features of a socialist enterprise, whether it’s the post office, schools or the war on drugs. The enterprise is inefficient, expensive, very advantageous to a small group of people and harmful to a lot of people.”

Friedman, who won the Nobel Prize in 1976 for his achievements in the fields of “consumption analysis,” had strong views about the certain failure of the war on drugs, which are shared by most economists who stress that costly efforts to remove the drug supply by building prisons and locking up drug dealers have the perverse effect of making it much more profitable for new drug dealers to get into the market.

This explains why surveillance systems funded by the U.S. National Institutes of Health concluded that over the last 30 years, cannabis has remained “almost universally available to American 12th-graders,” with between 80 percent and 90 percent saying the drug is “very easy” or “fairly easy” to obtain.

Friedman was also vocal about the unintended consequences of the war on drugs, including the enrichment of organized crime and drug market violence. As he wrote in The New York Times: “The young are not dissuaded by the bullets that fly so freely in disputes between competing drug dealers — bullets that fly only because dealing drugs is illegal. Al Capone epitomizes our earlier attempt at Prohibition; the Crips and Bloods epitomize this one.”

As fascinating Friedman’s position is, there is much, much more including the insane amounts of money funding this quagmire and who its affecting . You don’t need to be an economist to see prohibition makes as much sense as the French concept of the labor market. So really – read the whole thing.

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One Response to Noted Economists Agree

  1. Pingback: Big Government Quagmire | Of Buckley and Beatles

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