June 2005: Milton Friedman and Nobel Prize Economists Call for Rational Marijuana Regulation

Costs of Marijuana Prohibition: Economic Analysis:

"Replacing marijuana prohibition with a system of taxation and regulation similar to that used for alcoholic beverages would produce combined savings and tax revenues of between $10 billion and $14 billion per year, finds a June 2005 report by Dr. Jeffrey Miron, visiting professor of economics at Harvard University.

The report has been endorsed by more than 530 distinguished economists, who have signed an open letter to President Bush and other public officials calling for 'an open and honest debate about marijuana prohibition,' adding, 'We believe such a debate will favor a regime in which marijuana is legal but taxed and regulated like other goods.'

Chief among the endorsing economists are three Nobel Laureates in economics: Dr. Milton Friedman of the Hoover Institute, Dr. George Akerlof of the University of California at Berkeley, and Dr. Vernon Smith of George Mason University."