The Budgetary Implications of Marijuana Prohibition
by Jeffrey Miron of Boston U.. So far, endorsed by 500+ economists, including Milton Friedman.
*End prohibition and save $7.7 billion in govt. expenditure.
*Tax its sale, like alcohol, and generate $6.2 billion in revenue.
A slim majority of sampled economists favor drug decriminalization, according to this .pdf article
in the newly-launched Econ Journal Watch
. Via Marginal Revolution.
We are the world.
No matter what you think of this expansion into Ecuador to stamp out the drug trade in Columbia, you have to love the great economic ramifications for locals as they open facilities and raise prices for their wealthy neighbors from the north. No mention, alas, of the prostitutes who usually move close to military facilities.
"If US drugs policy were a company, it would have gone bankrupt years ago."
This, see, is why Bush needs to increase military spending. long before the dot-com era, the same mentality fuelled the War on Drugs: spend now, and hope for profits... well, some time in the future.