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Supply and Demand: Illicit Drug Market - Research Paper Example

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This research paper describes Supply and Demand: Illicit Drug Market. This paper analyses the drug industry, the economics of prohibitions, a market demand, supply, and demand, and prohibition effects on the Drug Market…
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Download file to see previous pages Consequently, this facilitates the application of economic premise as an alternative policy framework (Barton 2003). This essay builds upon that insight. Illegal drugs are deprived of any moral substance and treated merely as a commodity to be exchanged, and hence subject to the rules of economics, specifically the law of supply and demand.
The development and manufacture of drugs have turned out to be a significant and at times fundamental part of several nations’ economic program for development. Ruggerio and South (1995) promote this viewpoint and maintain that illegal drugs should be perceived basically as commodities. If this framework is espoused, and there appears to be hardly any good justifications why it should not be, there is a necessity to explore the character of market-based relationships that encompass drug users. The commonsensical consequence of this is that the market processes, particularly the laws of supply and demand, possesses the potential to regulate the illegal drugs trade.
Prior to entering into the dimension of market and economics, it is possibly essential to take into account why there is a necessity to examine this particular factor of the domain of illegal drugs. Generally speaking, there are two policy frameworks in response to the development of illegal drug use. First is harm reduction, which is addressed extensively elsewhere. The second can be referred to as the demand reduction framework. Basically, this framework is intended at lessening the use of drugs by pushing up the cost of drug use to an intolerably elevated level (Kopp 2003). The concept of cost here can indicate either the drugs’ monetary value or link to non-monetary costs such as the assurance of a prison sentence for individuals caught involved in the illegal drugs trade, or put emphasis on the impairment drugs can do to the health of the user. If this is assumed as a determinant of a course of action, it can be asserted that effective prevention will push the price of drugs to levels exceeding that which people could anticipate if the same drug were officially permitted.  ...Download file to see next pagesRead More
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