The Economics of Prohibition

by Mark Thornton

Book Overview

It is conventional wisdom that alcohol prohibition failed, but the economic reasons for this failure have never been as extensively detailed or analyzed as they are in this study by Mark Thornton.The lessons he draws apply not only to the period of alcohol prohibition but also to drug prohibition and any other government attempt to control consumption habits. The same pattern is repeated again and again.Thornton's treatment of the topic is methodical...

• Format: Paperback
• Language: English
• ISBN: 1610160479
• ISBN13: 9781610160476
• Release Date: September 2014
• Publisher: Ludwig Von Mises Institute
• Length: 196 Pages
• Weight: 0.70 lbs.
• Dimensions: 0.4" x 6.0" x 9.0"

Customer Reviews

Convincing case for full repeal of drug (and alcohol) criminalization.

This book was a real eye opener to me. I've opposed drug laws for as long as I've become politically aware, due to the fact that the very laws that criminalize the product make it more scarce and drive up the price, which in turn drives some individuals to criminality in order to attain the product. Thornton's book takes my empirical, and common, claim and proves it and expands upon it showing the effect that drug legislation has on a drugs price, availability, demand, and potency. The potency aspect was initially the most difficult concept in the book for me to grasp but Mark Thornton shows himself to be a great writer and a brilliant economist, and everything seemed to come together. On top of the economic theoretical insights regarding drug laws, Thornton gives a comprehensive historical lesson on prohibition. This is a work that is steeped in economic examination which will scare off run-of-the-mill hippies, but should provide a good challenging read for a layman with a concern for individual freedom, like myself.