THE DEMAND CURVE FOR COCAINE Thanks to the irrepressible Robert Murphy. A humoro

THE DEMAND CURVE FOR COCAINE

Thanks to the irrepressible Robert Murphy.

A humorous way to teach a basic idea: prohibition increases price and demand, and by means of artificial scarcity, distributes vast amounts of money to producers of banned substances. One of the best ways to make money is to provide something that people want, and are willing to pay for, but it subject to extraordinary tariffs.

Oh, to be a pirate on the seas. 🙂