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Milton Friedman: Legalize It!
Quentin Hardy, 06.02.05, 12:01 AM ET
SAN FRANCISCO, CA - A founding ****** of the Reagan Revolution has put his John Hancock on a pro-pot report.
Milton Friedman leads a list of more than 500 economists from around the U.S. who today will publicly endorse a Harvard University economist's report on the costs of ********* prohibition and the potential revenue gains from the U.S. government instead legalizing it and taxing its sale. Ending prohibition enforcement would save $7.7 billion in combined state and federal spending, the report says, while taxation would yield up to $6.2 billion a year.
The report, "The Budgetary Implications of ********* Prohibition," (available at Premium Link Upgrade ) was written by Jeffrey A. Miron, a professor at Harvard , and largely paid for by the ********* Policy Project (MPP), a Washington, D.C., group advocating the review and liberalization of ********* laws.
At times the report uses some debatable assumptions: For instance, Miron assumes a single figure for every type of arrest, for example, but the average pot bust is likely cheaper than bringing in a ****** or ********** suspect. Friedman and other economists, however, say the overall work is some of the best yet done on the costs of the war on *********.
At 92, Friedman is revered as one of the great champions of free-market capitalism during the years of U.S. rivalry with Communism. He is also passionate about the need to legalize *********, among other *****, for both financial and moral reasons.
"There is no logical basis for the prohibition of *********," the economist says, "$7.7 billion is a lot of money, but that is one of the lesser evils. Our failure to successfully enforce these laws is responsible for the deaths of thousands of people in Colombia. I haven't even included the harm to young people. It's absolutely disgraceful to think of picking up a 22-year-old for smoking pot. More disgraceful is the denial of ********* for medical purposes."
Securing the signatures of Friedman, along with economists from Cornell, Stanford and Yale universities, among others, is a coup for the MPP, a group largely interested in widening and publicizing debate over the usefulness of laws against pot.
•Inside Dope
Related Content:
•Breaking The Two- Pound Barrier
•That's Not Funny, Man
•Pipe Dreams
•High-Fliers
•Lost Your Stash? You're In Good Hands
Slide Shows:
•Cannabits
•Pipe Derams
If the laws change, large beneficiaries might include large agricultural groups like Archer Daniels Midland (nyse: ADM - news - people ) and ConAgra Foods (nyse: CAG - news - people ) as potential growers or distributors and ****** businesses like Constellation Brands (nyse: STZ - news - people ) and Allied Domecq (nyse: AED - news - people ), which understand the distribution of intoxicants. Surprisingly, Home Depot (nyse: HD - news - people ) and other home gardening centers would not particularly benefit, according to the report, which projects that few people would grow their own *********, the same way few people distill ******* at home. Canada's large-scale domestic ********* growing industry (see "Inside Dope") suggests otherwise, however.
The report will likely not sway all minds. The White House Office of **** Control Policy recently published an analysis of ********* incarceration that states that "most people in prison for ********* are violent criminals, repeat offenders, traffickers or all of the above." The office declined to comment on the ********* economics study, however, without first analyzing the study's methodology.
Friedman's advocacy on the issue is limited--the nonagenarian prefers to write these days on the need for school choice, calling U.S. literacy levels "absolutely criminal...only sustained because of the power of the teachers' unions." Yet his thinking on legalizing ***** extends well past any MPP debate or the kind of liberalization favored by most advocates.
"I've long been in favor of legalizing all *****," he says, but not because of the standard libertarian arguments for unrestricted personal freedom. "Look at the factual consequences: The harm done and the corruption created by these laws...the costs are one of the lesser evils."
Not that a man of his years expects reason to triumph. Any added revenues from taxing legal ********* would almost certainly be more than spent, by this or any other Congress.
"Deficits are the only thing that keeps this Congress from spending more" says Friedman. "Republicans are no different from Democrats. Spending is the easiest way to buy votes." A sober assessment indeed.
Legal
Milton Friedman: Legalize It!
Quentin Hardy, 06.02.05, 12:01 AM ET
SAN FRANCISCO, CA - A founding ****** of the Reagan Revolution has put his John Hancock on a pro-pot report.
Milton Friedman leads a list of more than 500 economists from around the U.S. who today will publicly endorse a Harvard University economist's report on the costs of ********* prohibition and the potential revenue gains from the U.S. government instead legalizing it and taxing its sale. Ending prohibition enforcement would save $7.7 billion in combined state and federal spending, the report says, while taxation would yield up to $6.2 billion a year.
The report, "The Budgetary Implications of ********* Prohibition," (available at Premium Link Upgrade ) was written by Jeffrey A. Miron, a professor at Harvard , and largely paid for by the ********* Policy Project (MPP), a Washington, D.C., group advocating the review and liberalization of ********* laws.
At times the report uses some debatable assumptions: For instance, Miron assumes a single figure for every type of arrest, for example, but the average pot bust is likely cheaper than bringing in a ****** or ********** suspect. Friedman and other economists, however, say the overall work is some of the best yet done on the costs of the war on *********.
At 92, Friedman is revered as one of the great champions of free-market capitalism during the years of U.S. rivalry with Communism. He is also passionate about the need to legalize *********, among other *****, for both financial and moral reasons.
"There is no logical basis for the prohibition of *********," the economist says, "$7.7 billion is a lot of money, but that is one of the lesser evils. Our failure to successfully enforce these laws is responsible for the deaths of thousands of people in Colombia. I haven't even included the harm to young people. It's absolutely disgraceful to think of picking up a 22-year-old for smoking pot. More disgraceful is the denial of ********* for medical purposes."
Securing the signatures of Friedman, along with economists from Cornell, Stanford and Yale universities, among others, is a coup for the MPP, a group largely interested in widening and publicizing debate over the usefulness of laws against pot.
•Inside Dope
Related Content:
•Breaking The Two- Pound Barrier
•That's Not Funny, Man
•Pipe Dreams
•High-Fliers
•Lost Your Stash? You're In Good Hands
Slide Shows:
•Cannabits
•Pipe Derams
If the laws change, large beneficiaries might include large agricultural groups like Archer Daniels Midland (nyse: ADM - news - people ) and ConAgra Foods (nyse: CAG - news - people ) as potential growers or distributors and ****** businesses like Constellation Brands (nyse: STZ - news - people ) and Allied Domecq (nyse: AED - news - people ), which understand the distribution of intoxicants. Surprisingly, Home Depot (nyse: HD - news - people ) and other home gardening centers would not particularly benefit, according to the report, which projects that few people would grow their own *********, the same way few people distill ******* at home. Canada's large-scale domestic ********* growing industry (see "Inside Dope") suggests otherwise, however.
The report will likely not sway all minds. The White House Office of **** Control Policy recently published an analysis of ********* incarceration that states that "most people in prison for ********* are violent criminals, repeat offenders, traffickers or all of the above." The office declined to comment on the ********* economics study, however, without first analyzing the study's methodology.
Friedman's advocacy on the issue is limited--the nonagenarian prefers to write these days on the need for school choice, calling U.S. literacy levels "absolutely criminal...only sustained because of the power of the teachers' unions." Yet his thinking on legalizing ***** extends well past any MPP debate or the kind of liberalization favored by most advocates.
"I've long been in favor of legalizing all *****," he says, but not because of the standard libertarian arguments for unrestricted personal freedom. "Look at the factual consequences: The harm done and the corruption created by these laws...the costs are one of the lesser evils."
Not that a man of his years expects reason to triumph. Any added revenues from taxing legal ********* would almost certainly be more than spent, by this or any other Congress.
"Deficits are the only thing that keeps this Congress from spending more" says Friedman. "Republicans are no different from Democrats. Spending is the easiest way to buy votes." A sober assessment indeed.
