Economic Theory Supports Legalization of Cannabis

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Nobel Prize-winning economist, Milton Friedman, is no longer with us but he remains a darling of Republicans because of his views on government intervention in free market economies. So, while his views on cannabis legalization won’t ever be known specifically, we can be assured he would be for removing the prohibition and for a free market approach to cannabis. Read more from economist, Edward Lotterman.

Friedman first pointed out the most basic economic tenet, one proven over and over again in the real world: If you try to restrict the supply of some product but do nothing about reducing demand, you drive up price. No economist disagrees with that.
The upshot is that one can spend billions in waging wars against drug production, importation and distribution. Any solution aimed solely at curbing supply will be like trying to swim up an onrushing rapids…

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