drug-o-nomics

[Rakesh Bhandari]

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