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Demand and Supply: Decriminalizing Illegal Drugs

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The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs.

Suppose that some of these drugs are legalized so that anyone may sell and use them. Now consider the two claims that price will fall and quantity demanded will increase. Based on positive economic analysis, are these claims sound?
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Solution Summary

This solution goes through economical concepts such as demand and supply within the context of decriminalizing illegal drugs.

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There is a more of a psychological issues to this question, and that it will someone begin to use illegal drugs (say cocaine) if the price is low enough. Frankly, I don't think I would use it even if it is for free (after so many years of being educated that illegal drugs are ...

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