Adam Smith, the stoner

It’s almost as if supply, demand and price were somehow intrinsically linked….

Bill’s Opinion
Adam Smith’s lesson was revised in the 60s and 70s;

7 Replies to “Adam Smith, the stoner”

  1. This comment supposes that the government hasn’t fixed the price of dope in Canadia, which is probably a bold assumption given their socialist leanings.

    But I wonder how long we have to wait until there is a flood of the product, an enormous oversupply and a call for either a regulated price (floor, or set price), and a bailout for the millions of investors in Canadian dope plantations, or hydro setups. Is it one or two growth cycles?

    Thereby proving the point twice in a short space of time.

  2. That picture of the line/queue going around the block must make all the Russian emigres feel homesick.

    The last time I looked, in the USA legal dope was substantially more expensive than the illegal stuff. The War on Drugs in legal states is still very much alive, with the cops still pursuing illegal growers and distributors — nothing has changed except that the cops are being paid by the taxpayers to protect the profits of legal growers and distributors.

    1. USA legal dope [is] substantially more expensive than the illegal stuff

      100% false. The prices my Colorado brethren pay – while getting stupendously superior quality and variety – make me, ahem, green with envy. Literally half the price for a much better product.

      And as to the cops upholding property rights of producers…this differs from other industries how exactly?

      1. Imagine you needed a licence to bake bread and there were armies of cops paid not by the legal bakers but by the consumers, waiting to lock you up and confiscate your stuff if you baked illegally. That’s exactly how it differs from other industries.

        1. I bake illegally all the time, sir.

          And you’re correct: I was conflating the right to sell with the right to produce. So, it’s more like the ammunition industry.

  3. The WordPress phone app seems to be having a hissy fit, so this is a retype of one that didn’t make it yesterday (which explains what’s happened if it pops up later after synchronising)

    The shame about legalising pot is that it’s previously been about as close to a pure free market as is possible to witness; look at the historic price over time, it’s been very consistent across multiple generations.

    It’ll be interesting to see what happens when governments get involved.

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