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Ep. 679: Jeffrey Miron Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Importance of Prohibition in Drug Use

Prohibition has enormous unintended consequences that are result of the policy, not drug use per se. Probation generates violence because in underground markets people can't resolve disputes with lawyers and courts. Prohibition also diminishes civil liberties because it's very hard to enforce a victimless crime except with aggressive tactics such as stop and frisk. The net effect of legalizing drugs wouldn't solve America's fiscal problems, but it would put a non-trivial dent in our fiscal woes.

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