Saturday, January 11, 2014
Legal Weed's Strange Economics in Colorado
USA -- This is a blazing moment for American
stoners. Colorado has just legalized the commercial production, sale,
and recreational use of marijuana, while Washington State will begin its
own pot liberalization initiative at the end of February. On Jan. 8,
New York Governor Andrew Cuomo said his state would join 20 others and
the District of Columbia in allowing the drug for medical purposes. Libertarians
and progressives are thrilled. Addiction specialists are anxious. And
economists, well, they’re a little like undergrads lost in a
bong-induced thought experiment: One moment the economics of pot seem
beautifully elegant, then the real-world implications suddenly become
bewilderingly complex.
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