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Comments on: Economist magazine says legalize drugs http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/ The Visible Hand in Economics Tue, 10 Mar 2009 23:41:48 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17919 Tue, 10 Mar 2009 23:41:48 +0000 http://www.tvhe.co.nz/?p=3096#comment-17919 @Will de Cleene

I will keep that in mind – I will try to build up my opinion a bit more before then …

]]> By: Matt Nolan http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17918 Tue, 10 Mar 2009 23:41:26 +0000 http://www.tvhe.co.nz/?p=3096#comment-17918 @goonix

Indeed very true, it almost goes without saying 🙂

]]> By: Matt Nolan http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17853 Sat, 07 Mar 2009 05:33:12 +0000 http://www.tvhe.co.nz/?p=3096#comment-17853 @rauparaha

I was assuming that any equity considerations are only important insofar as they impact on peoples utility – hence why I think the trade-off will be captured in a social welfare function.

Of course – the social welfare function will look funky, but I think its a closer representation of what we mean by “welfare”

]]> By: rauparaha http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17851 Sat, 07 Mar 2009 03:54:00 +0000 http://www.tvhe.co.nz/?p=3096#comment-17851 @Matt Nolan
Ah, I thought you were referring to a welfare function that was a simple sum of surplusses. If it incorporates some sort of equity measures too then it sounds far too complicated for me to get my head around 🙂

]]> By: Will de Cleene http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17849 Sat, 07 Mar 2009 02:48:35 +0000 http://www.tvhe.co.nz/?p=3096#comment-17849 You’re going to have the opportunity to do just that, Matt. The Law Commission will be releasing a first principles review of the Misuse of Drugs Act later this year. Like the Sale of Liquor Act review, the commission will seek public input.

]]> By: goonix http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17843 Fri, 06 Mar 2009 07:04:09 +0000 http://www.tvhe.co.nz/?p=3096#comment-17843 I’ve long held this view – I’m glad it’s getting (somewhat) more mainstream coverage. Furthermore, rather than lumping ‘drugs’ together, tax should be levied according to the true (scientifically proven) harm of each drug. i.e. marijuana has a much lower harm rate than heroin, so is taxed at a relatively lower rate.

]]> By: Matt Nolan http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17842 Fri, 06 Mar 2009 06:52:28 +0000 http://www.tvhe.co.nz/?p=3096#comment-17842 The equity-efficiency trade-off is part of the welfare function. There is a difference between maximising welfare and maximising production after all 😛

]]> By: rauparaha http://www.tvhe.co.nz/2009/03/06/economist-magazine-says-legalize-drugs/#comment-17841 Fri, 06 Mar 2009 06:41:11 +0000 http://www.tvhe.co.nz/?p=3096#comment-17841 Maximise welfare, eh? What about the equity-efficiency trade-off? Isn’t maximising aggregate welfare a bit of a narrow goal? I guess I could probably search the past 1000 posts you’ve made to find your views on the issue! Get well soon 🙂

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