Microeconomics always poses the questions of “What good to produce,” “How to Produce this good,” and “For whom should this good be produced?” In this case, the “What” that gets produced is marijuana in a private market. “How” this would be produced depends on the ideal of the economy. In a laissez-faire economy, the market would determine how much and if machines would be used to grow and tend marijuana. People would have the freedom to purchase marijuana, and no one would be forced into buying it if they had moral believes against it. The problem that arises in this situation is the idea of public safety and morality against freedom of businesses. Many people would feel unsafe because marijuana is known as a “gateway” drug, leading people into a life of addiction to more serious drugs. In addition, many believe that because marijuana is in fact a drug it is morally unjust to use it. On the other hand, some people believe that business should have freedom to a “free market” and should ultimately be able to sell whatever they please. In addition, the legalization of marijuana could be be...
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...ame opportunity to do as they please.
After looking at all the costs and benefits to each option of the government, I believe that the best choice would be in the legalization of marijuana with the implementation of a high tax. This idea seems like the most logical because although the moral issue comes into play, if the tax is high enough than the quantity demanded would be the same as it is with the prohibition. The benefit of tax revenue is huge as well, and the idea would be similar to that of alcohol and cigarettes. Although public safety would be an issue, the benefits of the tax revenue and the governments ability to moderate seems to outweigh it. This seems to be a medium between the two extremes, prohibition and legalization.
Republicans and Democrats debate daily on the role of government in business. Certain social and economic freedoms must be taken into consideration, while looking out for the good of the country. Therefore, by weighing the costs and benefits of the options, the government can get an idea of what would help the country the most. In the case of the legalization of marijuana, I feel that finding the compromise benefits society the greatest.
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