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In this paper, we show that many core economic principles are easily taught using examples from illicit drug markets. These core topics include consumer rationality, scarcity, supply and demand, elasticity, the difference between competition and monopoly, and externalities. Introduction.
This paper concentrates on both the positive and normative effects of punishments that enforce laws to make production and consumption of particular goods illegal, with illegal drugs as the main example.
1 sty 2007 · Economics provides both ECONOMICS OF ADDICTION AND DRUGS theories and empirical evidence to explore factors influencing current drug use, the costs to society of the harm they create and the cost-effectiveness of different policy options.
an occasion when police arrest people who are thought to be involved in selling or making drugs: In their latest drug bust, police entered a warehouse where cocaine dealers were meeting. Drug busts have become almost daily occurrences in this part of town. See. drug. bust. Fewer examples.
1 sty 2007 · In this paper, we show that many core economic principles are easily taught using examples from illicit drug markets.
The supply-and-demand model provides the basic economic framework for drug policy. Efforts to provide economic models of illegal markets go back at least four decades (e.g., Becker, 1968), but the standard economic model has key limitations in understanding illegal drug markets.
6 lip 2015 · Persico, a professor of managerial economics and decision sciences at the Kellogg School, developed a new model of the drug market that accounts for the fact that buyers do not know a drug’s purity before purchasing it, as well as the fact that they cannot contest sales of impure drugs.
