Jeffrey Miron is an economist, served as chairman of the Department of Economics at Boston University, currently teaches economics at Harvard University, and holds the position of Director of Economic Policy Studies at the Cato Institute.
Jeffrey came to be a libertarian from an economics standpoint rather than philosophical, with Milton Friedman at the helm of his influencers. What got Jeffrey heading down the liberty path? Economics teaches that there are unexpected consequences with interventions. Jeffrey randomly started working on drug legalization in college and came to the conclusion that ramifications of outlawing anything would apply to all markets whether it be guns or drugs.
America spends about 50 billion a year as a country to fight drug laws- couple that with missing out on 50 billion a year in taxes if drugs were legalized and one can see the economic missteps. In addition, studies show there would be a decrease in crime, corruption and less interruption of people being able to use drugs medicinally with drug legalization. Michael and Jeffrey not only touch on the economics of libertarianism in America, but around the world.
In this episode of Trend Following Radio:
- Cato Institute
- Ramifications of drug prohibition
- Modern Chinese commerce
- Ripple effect of bankruptcy
- Bernie Sanders campaign
- Donald Trump campaign
“It is not that the market is perfect and interventions are terrible. Markets aren’t perfect but the interventions are even worse.”