The economic reasoning is powerful, but it breaks down against reality.
I hate to disagree with my colleague, the great Roland Fryer—and doubly so when it comes to economics. Fryer’s work is consistently both stimulating and insightful, and his contributions to public policy substantially outstrip my own. I nevertheless feel obliged to comment on his recent Wall Street Journal op-ed, in which he uses sound economic reasoning to reach a conclusion I reject: that we should legalize and tax addictive drugs.
