$75 million in 2010. From 1997 through 2010 the New York Police Department made 536,000 arrests for marijuana possession. This has cost taxpayers $500 million to over $1 billion. What are we getting for this money? Not very much!
Congress is up in arms about soaring drug prices. A study by the Government Accountability Office finds that the price of brand-name prescription drugs soared at an annual rate of 8.3% from 2006 through the first quarter of 2010. That’s … Continue reading
Watch my illustrated interview with Steve Brodner about the surge of income inequality on PBS’s “Need to Know”
The Great Stagnation, an intriguing new book by George Mason economist Tyler Cowen, co-author of the Marginal Revolution blog, has sparked a fantastic debate about whether and how the Internet has contributed to our economic wellbeing. The book ponders why … Continue reading
Americans pay a lot to keep illegal drugs off the streets. A recent review of the evidence suggests much of our investment in the Drug Wars is wasted, if not outright counterproductive. We have only 5 percent of the world’s population … Continue reading
A couple of days ago I mused about our desire for unique objects. I pointed to research suggesting that our motivations aren’t merely market driven. It’s not just about rationally assessing the object’s resale value. A story in today’s New … Continue reading
Paul Krugman suggests we can no longer count on education to increase workers’ prosperity.
At first blush it might seem to make sense for cash-strapped cities to charge drivers for car accidents, a quick and easy way to raise revenue for the fire department and the police. But there are costs involved too. Getting … Continue reading
Those who believe that information must be free argue that free media – like music or movie downloads– will help rather than hinder musicians and moviemakers: by allowing consumers to sample their work free of charge, downloads work like ads, … Continue reading