Economics and Marijuana
Consumption, Pricing and Legalisation

A fascinating analysis of a widely used, but little understood illicit drug.

Kenneth W. Clements (Author), Xueyan Zhao (Author)

9781107421479, Cambridge University Press

Paperback / softback, published 10 July 2014

442 pages
22.9 x 15.2 x 2.3 cm, 0.59 kg

'With the success of the recent voter-based initiatives to legalize and regulate marijuana in both Colorado and Washington, it is obvious to most that attitudes about this often maligned substance are shifting and policy is following suit. Provided this atmosphere, academics and policy makers alike need to be seriously examining the fundamental aspects of how marijuana functions in our society … Clements' and Zhao's rigorous treatment of the subject in the context of Australian society is an ideal starting point … [The book] is not the only treatment of the subject, but it is the most comprehensive to date. While providing many useful insights into the markets for marijuana, it stimulates even more questions for further research … Policy makers and academics should find this to be an enlightening and useful text when considering how to approach policy discussions and future research regarding marijuana.' Humboldt Journal of Social Relations

Do marijuana users cut back on consumption when the price rises? To what degree is marijuana consumption related to drinking and tobacco usage? What would happen if marijuana were legalised and taxed in the same way as alcohol and tobacco? Is marijuana priced in a similar way to other goods? Economics and Marijuana deals with these and other questions by drawing on a rich set of data concerning the consumption and pricing of marijuana in Australia, a country where the drug has been decriminalised in some, but not all, states. The book applies the economic approach to drugs to analyse consumption, pricing and the economics of legalising the use of marijuana. The result is a fascinating analysis of this widely used, but little understood illicit drug that provides much needed information and policy advice for a wide range of readers, including economists, policy makers and health professionals.

List of tables
List of figures
Acknowledgements
1. Introduction
2. MICROECONOMETRIC EVIDENCE on MARIJUANA CONSUMPTION
3. THE PRICING OF MARIJUANA
4. MORE ON THE ECONOMIC DETERMINANTS OF CONSUMPTION
5. DECRIMINALISING AND LEGALISING MARIJUANA
6. ARE AUSTRALIANS UNIQUE?
7. PERSPECTIVES
INDEX.

Subject Areas: Health economics [KCQ], Microeconomics [KCC], Economics [KC]