Friday, June 03, 2005

Economists Call for Marijuana Reform

Jun 3 - Arguing that legalizing and regulating marijuana in a fashion similar to alcohol would save the nation billions of dollars, over 500 economists released a letter yesterday urging public officials to tackle the issue in an "open debate."

Citing a report released by economist and visiting Harvard University professor Jeffrey Miron, the letter says that regulating marijuana could yield ten to nearly $14 billion a year in savings and taxes. They predict that engaging in a debate on the practical aspects of legalized marijuana may lead to legalization of the drug on a cost-benefit basis alone.

"The fact that marijuana prohibition has these budgetary impacts does not by itself mean prohibition is bad policy. Existing evidence, however, suggests prohibition has minimal benefits [at halting the flow of drugs] and may itself cause substantial harm," the economists wrote.

Miron's report was conducted for the Marijuana Policy Project and compared the costs incurred by the legal and criminal justice system at local, state and federal levels with potential tax revenues at both average and "sin" tax rates.

The report concluded that monetary considerations, though but one of several considerations to be taken into account, were enough to demand serious policy debate.
--Brendan Coyne

© 2005 The NewStandard.

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