Review & Outlook. A Brave new Weed
by: Editorial Staff
Nov 02, 2016
Click here to view the full article on WSJ.com
by: Editorial Staff
Nov 02, 2016
Click here to view the full article on WSJ.com
TOPICS: Law and Economics
SUMMARY: The costs so far from marijuana legalization are higher than advertised.
CLASSROOM APPLICATION: Students can evaluate the economic consequences of the legalization of marijuana, including the price of marijuana, usage rates, and drug cartel behavior.
QUESTIONS:
1. (Advanced) What is the effect of the legalization of marijuana on the supply of the drug? What is the effect of the celebrity glamorization of marijuana on the demand for the drug? What is the effect of legalization and celebrity glamorization on the equilibrium quantity of the drug?
2. (Advanced) What is the effect of the legalization of marijuana on the arrest rates of black and Hispanic youth? What is the effect of the legalization of the drug on traffic accidents?
3. (Introductory) Has the legalization of marijuana eliminated the illegal market for the drug? How has the legalization of the drug affected drug cartel behavior?
1. (Advanced) What is the effect of the legalization of marijuana on the supply of the drug? What is the effect of the celebrity glamorization of marijuana on the demand for the drug? What is the effect of legalization and celebrity glamorization on the equilibrium quantity of the drug?
2. (Advanced) What is the effect of the legalization of marijuana on the arrest rates of black and Hispanic youth? What is the effect of the legalization of the drug on traffic accidents?
3. (Introductory) Has the legalization of marijuana eliminated the illegal market for the drug? How has the legalization of the drug affected drug cartel behavior?
Reviewed By: James Dearden, Lehigh University
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