Ep. 679: Jeffrey Miron Interview with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
00:00
The Economic Trade-Offs of Legalization
We are spending as a country overall, state, federal, local, something like 50 to 60 billion dollars a year on criminal justice activities. If we legalize drugs and treat it down similarly to other legal goods or perhaps similarly to alcohol and tobacco where they face somewhat higher tax rates so that we don't drive the market underground,. That's turned out not by itself going to solve the fact that we have this long-term fiscal imbalance but it's still a step in the right direction. The term positive of course is incredibly annoying, one of many ways which economists use everyday words to mean something completely different. We need to make additional assumptions in order to get from the positive to the normative.
Play episode from 12:19
Transcript
