Economists for Legalising Weed

The sort of applied economics we like to see:

Replacing marijuana prohibition with a system of legal regulation would save approximately $7.7 billion in government expenditures on prohibition enforcement-$2.4 billion at the federal level and $5.3 billion at the state and local levels.

Revenue from taxation of marijuana sales would range from $2.4 billion per year if marijuana were taxed like ordinary consumer goods to $6.2 billion if it were taxed like alcohol or tobacco.

If you are an academic economist, you can add your name to a list of over 500 economists supporting legalization here.

(via Mahalanobis)