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Economic Perspective of Legalizing Drugs

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This is an important and widely discussed economics, politics as well as ethics problem. We will look at it only from the economics point of view. You will be studying demand and supply and this is a direct application. At one point the article I want you to read says

"The ultimate solution to any drug problem is not to curtail supply, but to curtail demand."
Read this and give me the economic arguments for and against this.

http://stonegardeneconomics.com/blog/?p=934

or

http://chronicle.augusta.com/stories/2001/09/10/bus_318259.shtml

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Solution Summary

This solution of 167 words looks at the legalization of drugs from an economic perspective, touching on demand and supply, direct application and managing policies.

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The statement "The ultimate solution to any drug problem is not to curtail supply, but to curtail demand" is true. Although there have been many attempts to curtail the supply of drugs, the fact of the matter is that a market will exist ...

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