I’ve poked around and looked at Milton Friedman’s tributes and tomatoes. I’m mostly in the throw a tomato camp – but there were libertarian moments in Friedman’s work that I definitely love. Among them, naturally, was his opposition over forty years to drug prohibition. What surprises me, however, about that opposition is how little it drew strength from any theory of markets – and I’ve always thought that had to do with the reluctance to ascribe any virtue to state regulation. In fact, the illegal drug markets are a wonderful instance of what happens when the state abandons its regulatory function by opting for straight banning. State regulation is often very inefficient – think of the way state’s regulate liquor and cigarette sales, and how leaky the ban on selling to minors is – and yet the standard by which it should be measured has, as its primary dimension, social concord. The first thing one wants in an economy is relative peace. Snatch and grab, which is all very well for the r
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