Mark-ups for Legal and Illegal Commodities

From a new report by the London School of Economics entitled “Ending the War on Drugs“:Screen shot 2014-05-08 at 12.52.24 AMThe highlight from the report, for me, was the above graph. Draw your own conclusions.

The major point of the entire report (which I skimmed) is this: Based on decades of evidence we know the buying and selling of drugs is something that cannot be eradicated. The drug industry can however be managed; and it either can be managed well or it can be managed poorly. Needless to say, to date, the world has been managing the drug industry poorly.

Remember, policy decisions are not to be made emotionally. Advocating and voting for the decriminalization and legalization of certain drugs DOES NOT mean that you want to waste your life away “doing drugs”. To be sure, drugs can be incredibly harmful, but our current drug policies are incredibly harmful.

For more information on the drug policy debate see these (slightly more accessible) podcasts:

This American Life, Episode 524, “I Was So High
Freakonomics Radio, “What’s More Dangerous Marijuana or Alcohol?
Freakonomics Radio, “Are We Really Ready to Legalize Drugs?

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