Milton Friedman, who was one of the most well-known economists in the world, was joined by over 500 additional economists in signing a letter which broke down the economic benefits of legalization. The letter, which was written in 2005, was sent to then-President George Bush, Congress, and every state’s governor and legislature.
The letter states “Marijuana legalization — replacing prohibition with a system of taxation and regulation — would save $7.7 billion per year in state and federal expenditures on prohibition enforcement and produce tax revenues of at least $2.4 billion annually if marijuana were taxed like most consumer goods. If, however, marijuana were taxed similarly to alcohol or tobacco, it might generate as much as $6.2 billion annually.”
Read moreReminder: Over 500 Top Economists Support and have Lobbied for Legalization