CA Wants to Legalize It: Intrade Odds Jump to 70%
CARPE DIEM
Professor Mark J. Perry's Blog for Economics and Finance
Sunday, October 03, 2010
About Me
- Name: Mark J. Perry
- Location: Washington, D.C., United States
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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10 Comments:
The most interesting argument against marijuana legalization is that it would harm the California economy. I am not kidding! The argument is that the price would decline and that would put a lot of people out of work and reduce profits.
Only in California!
Heck! What will continue to ruin the California economy is how even more businesses will pull up stakes and split the state when they know that odds are that some if not all their employees can come into work with a reefer buzz on...
I was on the fence over this one (legalization) until a friend said "didn't we learn anything from prohibition?"
Like prohibition, we're losing the battle and if you can't beat 'em, join 'em. Alcohol provides tremendous revenue to our cash strapped states and put a lot of criminals out of business. Not many alcohol criminals clogging our court and prison systems either.
Not that I'm a fan of alcohol and the problems that it burdens society with, but my thoughts are that we'd have the same alcohol problems with or without legalization. Same with pot.
Right, we need to induce demand for marijuana, like alcohol and gambling, and then tax it to reduce demand. That way the state won't go bankrupt.
Also, U.S. taxpayers can thank U.S. consumers that banks were able to repay TARP loans to the U.S. government with interest.
"Like prohibition, we're losing the battle and if you can't beat 'em, join 'em"...
So it seems but then again considering what passes for news media now a days how do we know for sure?
"Alcohol provides tremendous revenue to our cash strapped states and put a lot of criminals out of business"...
I'm not sure just how tremendous that revenue is but your point none the less is quite valid I think...
"that we'd have the same alcohol problems with or without legalization. Same with pot"...
Yet another interesting point...
I do have a couple of questions though since we live in a litigious country, how do we tell if what part (if any) someone's reefer buzz from a few days previous might have had in an accident?
The second question is how will insurers cover or will they cover this potential liability?
Anybody with workers, or with children, should get out of California. Now.
I've lived in California most of my life and some of it in Humboldt and I can't stand weed. For one, the smell of it is gross. We already have enough idiots in this world and in that region that legalizing it will make the situation worse. the only people who really do it in Humboldt are the hippies and bums at HSU and in Arcata and the growers in Southern Humboldt because of the warmer weather.
You can tax the hell out of it all you want, but it won't solve the budget problems. As long as unions and corrupt politicians run this state and we actually start creating ideas and positive solutions, the debt won't get fixed.
If it does get legalized, I believe it will cause problems. You already have kids thinking underage drinking and smoking is cool, just image once this gets passed. For those who actually want to teach and learn, sitting in class will be a joy for them. Plus I don't think many employers are going to put up with it, and as a customer, I don't want to be around it and I think it will lower the already low productivity people put out as it is. I can see some pothead messing up on the job from being high, getting fired for not performing his/her job correctly due to that and suing and probably winning millions from that employer (knowing the courts now days).
I'm sure the rate of defects in newborns will rise as well if people smoke and are pregnant just as cigarettes do.
Plus I have friends in law enforcement and they are not loving the idea of weed being legalized. They believe it will actually cause more problems, mainly from people out of state coming across state lines to smoke and possibly traffic it. Not to mention they believe it will cause more traffic accidents and violations. If they cause an accident, will they go to jail like they would if it was alcohol related?
Read this article too - http://www.marijuana-addiction.net/marijuana-side-effects.htm
Wishful thinking on the part of the bettors I think. I don't know about the law, but employers should be able to fire marijuana using employees just as easily as they fire drunk employees, or even tobacco smokers.
Interesting to see in the comments the free marketers who change their tune when they disapprove of the stock in trade.
"...the only people who really do it in Humboldt are the hippies and bums at HSU and in Arcata and the growers in Southern Humboldt because of the warmer weather."
Geez, who's left?
Trigger, You seem to see great changes due to legalization of marijuana, when IMO none are likely. First of all, it's my impression that everyone who wants to use marijuana is already doing so whether it's legal or not, and every one who doesn't, isn't. I can't imagine a large number of people will suddenly become potheads if it becomes legal.
Let me be clear that I don't use marijuana and don't recommend it, but I don't believe poeple should go go jail for using it, and I think some of your concerns about legalization are unwarranted.
As to your concerns about driving under the influence, keep in mind that it's already illegal and that wouldn't change.
Stoned at work? How do employers now deal with alcohol or drugs in the workplace? That wouldn't change.
You said: "I'm sure the rate of defects in newborns will rise as well if people smoke and are pregnant just as cigarettes do."
This rate isn't likely to change. as I said, IMO the number of marijuana smokers wouldn't likely increase to any great degree.
"Plus I don't think many employers are going to put up with it, and as a customer, I don't want to be around it."
You're right, just as they don't put up with it now. As a customer you are not likely to be exposed to someone smoking marijuana any more than you are likely to be exposed to cigarette smoke or someone drinking on the job. Business owners are sensitive to their customers taking their business elsewhere.
Are your law enforcement friends assuming that for some reason out-of-state visitors are likely to commit crimes not related to marijuana? Why?
"If they cause an accident, will they go to jail like they would if it was alcohol related?"
Yes, just as they do now.
I doubt that you will see anything change much if marijuana is legalized except that a great deal of law enforcement effort would be freed up to focus on actual crimes against people and property.
The revenue issue is another matter. It's not likely IMO that any significant amount can be raised by taxing marijuana. It should be apparent that a black market is all too easy to maintain.
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