Legalization of Illicit Drugs

I know that I have mentioned to several people in various conversations the economic perspective that illegal drugs should be legalized. Unfortunately, I have not been versed enough in the details of the subject to give a very motivating argument. Dr Jeffrey Miron, an economist at Harvard University, published an article about the topic last week. It talks about the problems that illegal drugs cause and specifically the problems they have recently caused in Mexico. Here is the article:

Commentary: Legalize drugs to stop violence
by Dr Jeffrey A. Miron

Personally, I have not thought about the issue enough to have a strong opinion either way. However, I do think the arguments for legalization are substantative enough to at least be seriously considered. This is particularly true in light of articles like this one published yesterday in the New York Times about the current problems in Mexico.

I found out about the article from Greg Mankiw’s blog, which I enjoy reading. Greg Mankiw is also a professor at Harvard.