Drug Prohibition and Individual Virtue

As far as economics is concerned, the market for drugs, as in all other cases, maximizes the welfare of all who participate in it, at least in the ex ante sense. Legalization—like the repeal of alcohol prohibition—will also help solve drug related problems such as crime, impurities leading to death and child abuse. Nor does it follow from the fact that such substances are addictive and harmful that using them must be coercive, and should be banned. Also rejected is the ‘public health’ argument that legalization would result in too great a rate of addiction.