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Impact of Making Marijuana Legal on the Economy - Essay Example

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The economy in a recession and production and consumption has declined, to ensure quick recovery the government has a major role in implementing policies that will ensure the economy is out of the recession soon, the current recession is characterized by a decline in consumption and production, the decline in consumption has resulted into a decline in demand for goods and therefore firms have laid off workers leading to increased unemployment, increased unemployment has contributed to the decline in per capita income reducing the level of demand in the economy…
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Impact of Making Marijuana Legal on the Economy
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Download file to see previous pages However problems arise where the government has lower levels of tax revenue which may hinder spending, marijuana is an illegal product and the demand and supply is dictated by current laws, there is a risk involved and if it is to be made legal the government has an opportunity to increase revenue, there will be an increase in the production of the drug which will increase investment in the production process and therefore provide employment. An increase in employment will increase per capita and this increase will increase spending and the demand for other goods and services in the economy. (Keynes, 2007).
In many countries marijuana is an illegal drug and traded in the black market. This product has several health side effects; however it still can be used in the production of other drugs. ...
Tax revenue:
Marijuana has a number of purposes and one of the most important purpose is that it is used to produce medicinal drugs that can cure various ailments, on the other hand the product is traded in the black market as a drug, it is estimated that the price is more than triple the cost of production, therefore the traders have huge profits and this is due to the risk involved because its illegal to consume and trade marijuana. If the government makes marijuana legal then there will be an increase in tax revenue, the estimated tax revenue is approximately $1billion. The consumption of marijuana products will also increase given that making it legal will encourage individuals to consume the product given that there is no legal risk involved, the increase in demand wills eventually increase trade and therefore increase tax revenue. (About economics, 2009)
Employment:
The other positive impact of making marijuana legal is that there will be an increase in employment. Employment will increase as individuals in the economy will tend to produce their own products, the production process will require labor and capital and therefore employment in the economy will increase, this will be a positive impact given the current recession that has resulted into many individuals losing their jobs and per capita income has declined.
The increase in employment means that there will be an increase in per capita income and this means that individuals in the economy will have income to spend therefore improving current living standards. Individuals in the economy will have income that will enable them to spend and this will therefore increase the level of demand in the economy and this will be a solution to the current recession that ...Download file to see next pagesRead More
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