The Impact of Drug Legalization on the Economy Essay: Legalizing drugs in the US was first introduced in the twenty-first century as economists found it a huge revenue source. The tax revenue was a form of income realized from drugs like any of the other legal trades.
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Long and Short Essays on the Impact of Drug Legalization on the Economy for Students and Kids in English
We provide students with essay samples on a long essay of 500 words and a short essay of 150 words on the topic of the impact of drug legalization on the economy for reference.
Long Essay on the Impact of Drug Legalization on the Economy 500 Words in English
Long Essay on the Impact of Drug Legalization on the Economy is usually given to classes 7, 8, 9, and 10.
Drug dealers worldwide, especially in America, have mastered the concept of supply and demand. The drug dealers are doing an incredible job in identifying their target audience and keeping their competition down. The drug dealers are rapidly working towards a monopoly in their respective areas. They are even keeping ahead of the game by occupying the best product at a lower price before increasing the potential buyers’ price.
The voters in Colorado and Washington have decided to legalize marijuana because the government and taxpayers are spending more than twenty dollars a year on prosecuting drug dealers and incarcerating those who have the drugs. The government didn’t get a penny from the proceedings. At the same time, the drug dealer obtained a gold mine. In November 2012, state legislators in both Washington and Colorado passed an amendment to allow for the possession, distribution, and private recreational use of cannabis.
The government expected to see a decline in arrests for marijuana possession saving money from the reduced need for law implementation for marijuana ban. It was also reasoned that the charge of arresting, detaining, and disciplining the drug tackifiers would perform other crucial activities. Legalizing the drug helped the government save on law enforcement expenses and encompass the possibility of large amounts of revenue from the market supply and demand of the newly legalized product, producing an impressive profit from sales tax. According to many reporters, this whole process was a waste of precious resources; this is one reason why the voters have decided to make marijuana in Colorado and Washington.
According to research done in 2012, the expense of policing and enforcing marijuana prohibition cost about forty million dollars annually. So, the expense of policing drugs shows substantial potential government savings. The emergence of a new industry within the workforce the desperately essential employment opportunities aroused across the country, by initially providing 4200 new jobs and stimulating the economy. The Gross Domestic Product also upsurged with the rise in the goods produced and retailed. The economic impact of illegal drugs comes with an expense to everyone. That expense is obtained from the costs associated with tracking down those who bought and sold drugs, prosecution of those people in courts, and providing food and shelter for them in prison cells.
Legalizing drugs brought up an interest for the government because if they become the drug suppliers, they can produce on the marginal cost and true supply curve. They replace the price of arresting and fighting dealers with drug revenue. As a huge amount of tax, payer’s money goes to catch those who buy and sell illegal drugs on the black market and prosecuting and housing them in prisons. From the creation of new job opportunities to the abundant new supply of revenue, and even the savings incurred from removing prohibition, marijuana’s legalization has a clear positive and lucrative economic impact that cannot be ignored.
Short Essay on the Impact of Drug Legalization on the Economy 150 Words in English
Short Essay on the Impact of Drug Legalization on the Economy is usually given to classes 1, 2, 3, 4, 5, and 6.
The legalization of drugs has and continues to cause conflicts which disturb society as time progresses. Whether directly or indirectly, every individual is being affected by drugs, whether from a family member or the economic burden on society.
The legalization of illegal drugs is heavily beneficial for the economy of a country as estimated savings from reduced spending on the criminal justice of marijuana law enforcement and revenue losses from shifts in law enforcement policies; immediately projected expenditures to address the known harms of marijuana use and to implement and enforce policy reforms; projected expense from additional taxes and streams of income.
Everything has a good and bad side to it, so even if the country’s economy benefited from drug legalization, it would be a negative public policy for which every society will have to pay a great medical, spiritual, public safety, and economic cost, which is not affordable and would be a bad choice.
10 Lines on the Impact of Drug Legalization on the Economy in English
- One of the growing popular movements worldwide, especially in the US, is the legalization of drugs like marijuana for medicinal and recreational uses.
- Many of the states in the US have already legalized marijuana.
- The major motivation for legalization is the economic benefit from the controlled marketable availability of marijuana.
- Job growth and increased tax revenues are the powerful incentives that push for the legalization of drugs.
- More than half of the US states have cannabis-based drug laws on the books.
- As the government’s first step will be to set up marijuana dispensaries and nurseries, job opportunities will also rise.
- Many jobs that don’t directly involve the production and distribution will arise, like financing services, software developers, construction companies.
- The marijuana companies will be free to list their stocks on all US exchanges, enhance liquidity, and open access to many more investors.
- Legalizing the drug saves up a lot of money for the taxpayers, which can develop society.
- Although a country’s economy benefits from the legalization of drugs, there are many compelling factors to consider nationwide legalization.
FAQ’s on the Impact of Drug Legalization on the Economy Essay
How do illegal drugs affect the economy and businesses?
Mainly due to labor participation costs, participation in drug abuse treatments, incarceration, and premature death cost 120 billion dollars lost in productivity.
Why should illegal drugs not be legalized?
Legalizing illegal drugs can result in an overwhelming need for rehabilitation centers, which may be catastrophic to our economy.
What would happen if drugs are legalized worldwide?
At least one-fifth of the cost of drugs would become cheaper. More people will buy drugs, and almost half a million addicted babies will be born to addicted mothers.