Rakesh Bhandari bhandari at phoenix.Princeton.EDU
Wed Aug 25 07:03:54 PDT 1999

Jim F noted:
>Not surprisingly many leading neoclassical economists including
>both liberals and conservatives have come out for the decriminalization
>if not legalization of drugs.

I would have thought that power of drugs to create impulses in the form of addictions that lead to ex post facto rationalisations for the desire thereof would compromise the beneficient welfare aspects of the market that (putatively) derive from (putative) consumer sovereignty. It may be that the attempt to ban drugs has counterproductive results but I don't see how their legalisation squares with neoclassical economics either. This gets into that vast territory of consumer psychology about which I know nothing.

Yours, Rakesh

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