Milton Friedman – Wikipedia

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.[4] With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago’s Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell[5] and Robert Lucas, Jr.[6]

. . .  His books and essays have had an international influence, including in former communist states.[18][19][20][21] A survey of economists ranked Friedman as the second most popular economist of the twentieth century after John Maynard Keynes,[22] and The Economist described him as “the most influential economist of the second half of the 20th century … possibly of all of it.”[23]

Contents. . .  6.9 Drug policy

Drug policy

Friedman also supported libertarian policies such as legalization of drugs and prostitution. During 2005, Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the legalization of marijuana.[78]

Source: Milton Friedman – Wikipedia


Stop Treating Marijuana Like Heroin – The New York Times

“Supporters of a saner marijuana policy scored a small victory this week when the Obama administration said it would authorize more institutions to grow marijuana for medical research. But the government passed up an opportunity to make a more significant change.The Drug Enforcement Administration on Thursday turned down two petitions — one from the governors of Rhode Island and Washington and the other from a resident of New Mexico — requesting that marijuana be removed from Schedule 1 of the Controlled Substances Act. Drugs on that list, which include heroin and LSD, are deemed to have no medical use; possession is illegal under federal law, and researchers have to jump through many hoops to obtain permission to study them and obtain samples to study. Having marijuana on that list is deeply misguided since many scientists and President Obama have said that it is no more dangerous than alcohol.”

Source: Stop Treating Marijuana Like Heroin – The New York Times

Heroin Epidemic Increasingly Seeps Into Public View – The New York Times

CAMBRIDGE, Mass. — In Philadelphia last spring, a man riding a city bus at rush hour injected heroin into his hand, in full view of other passengers, including one who captured the scene on video.From Our AdvertisersIn Cincinnati, a woman died in January after she and her husband overdosed in their baby’s room at Cincinnati Children’s Hospital Medical Center. The husband was found unconscious with a gun in his pocket, a syringe in his arm and needles strewn around the sink.Here in Cambridge a few years ago, after several people overdosed in the bathrooms of a historic church, church officials reluctantly closed the bathrooms to the public.

Source: Heroin Epidemic Increasingly Seeps Into Public View – The New York Times

If we legalize and regulate addictive drugs, much of these enormous profits from the illegal drug business would decrease dramatically. When alcohol was re-legalized after prohibition, armed gangs were disbanded and killings decreased greatly. The quality of the alcohol improved with regulation and quality controls.

Many economists, at least privately, admit that we should legalize addictive drugs to ameliorate the negative effects. Herbert Stein and Milton Friedman are two famous right of center economists who have called for legalization.

Legalization would allow us to win the war on illegal drug trafficking, and it is probably the only way to win the war on drug trafficking. Decriminalization would be an immediate place to begin, to get tens of thousands of petty drug users and sellers out of our jails.

We have a heroin epidemic in New England and the rest of the country right now. Some of the heroin is bad, and kills people outright. If heroin was legal and regulated, doses would be unhealthy for you, but wouldn’t stop your heart. Countless young people, including my son Austin, would be alive after experimenting with the drug. It is the illegality of these drugs that make them unregulated. Bad batches kill people, like my son Austin. He slid into drug dealing primarily because of the extraordinary profits created by the fact that the market was illegal. The huge illegal profits are destabilizing whole countries, starting with police forces, prosecutors and judges.Today politicians in some South American countries are either bought or intimidated into working for cartels.