Marijuana And The Economy Essay

2178 words - 9 pages

How Marijuana Legalization Would Effect the Economy

Table of Contents
Introduction ................................................................................................... Page 3
Economic Growth …..................................................................................... Page 3
Policing Efforts …......................................................................................... Page 4
Illegal Immigrants …..................................................................................... Page 6
Tax Revenue …............................................................................................. Page 6
Conclusion ...view middle of the document...

One reason for this is due to the lack of jobs that are available to workers. In July of 2010, there were 14.6 million people in America searching for jobs, but only 70,000 jobs were created (Allmand, 2010). If the legalization of marijuana were to happen, jobs would be created. People would be needed to regulate the marijuana, sell the marijuana, and it would aid in the growth of related industries. Retail marijuana production would create jobs in growing, cutting, processing, distribution, and sales. Additional jobs would also be created at the state and federal levels, as governments would take on inspectors and regulators to oversee the marijuana production industry (Legalizing Marijuana, 2011). This increase in jobs would give people hope, and would increase the overall morale of the country. If more people are working, it means that there is more money being made in order to be spent, and ultimately stimulate the economy.
It has been found that someone who is struggling to support their family, such as someone who is unemployed, is far more likely to turn to criminal activity than someone in a stable environment (Poverty in America, 2007). Since legalizing marijuana would create jobs, it could ultimately restore faith to those who had been hit hardest by the recession. Aside from the jobs that would be generated that have already been mentioned, Amsterdam-style coffee houses would generate not only jobs, but also tourism. If you were to compare the possible marijuana industry to that of the wine industry, it would generate 50,000 jobs and 1.4 billion dollars in wages, and that is if the marijuana were only one third of the size of the wine industry. Industrial hemp could also become a major business, comparable to the 3.4 billion dollar cotton industry in California (Gieringer, 2009). If we were to only take into account one state, like California, it could be said that there would be an increase of about 12 to 18 billion dollars in total economic activity, 60,000 to 110,000 jobs would be created, and 2.5 to 3.5 billion dollars would be made in legal wages (Gieringer, 2009). If such an increase could be made in just one state, the outcome would be much larger on a national level.

Policing Efforts
The amount of money spent on enforcing marijuana related laws are probably much higher than anyone would ever expect. According to calculations done by Jeffery Miron, an economics professor at Harvard University, the government would save 7.7 billion dollars a year if they did not have to spend money policing and prosecuting marijuana activity (Wastler, 2005). Although the number of people that are actually held in jail because of marijuana related reasons is relatively low, it does not mean that there are not at least some. Also, the arrests related to possession of marijuana make up a large percentage of total arrests. In 2007, police arrested a record of 872,721 persons for marijuana violations, according to the...

Other Papers Like Marijuana and the Economy

Product Purchases And The Economy Essay

1228 words - 5 pages Product Purchases and the Economy Christian Scheminant ECO/372 May 10, 2016 Mr. Michael Kraynik Product Purchases and the Economy For this paper I’m going to select buying a home as my product of purchase since I’m currently in the market of selling my existing home and purchasing a new home. When considering making large financial purchases in today’s economic world, you have to take into consideration the possible long-term effects on

The Economy And The Modern State

555 words - 3 pages What do people expect modern states to do about the economy and how do states attempt to accomplish these results?People living under the sovereign power of an independent state expect theirgovernment to keep and maintain a stable, expanding economy. If the government does not keep and maintain a stable economy it is likely that there will be a complete collapse of, not only government, but the established society. This breakdown can, to an

The Economy, Monetary Policy, and Monopolies

1496 words - 6 pages The Economy, Monetary Policy, and Monopolies A Robinson Dr Ralph Cann-Tamakloe Principles of Economics 100 May 26, 2012 Analyze the current economic situation in the U.S. as compared to five (5) years ago. Include interest rates, inflation, and unemployment in your analysis. The United States is the most technologically advance country in the world, not to mention the largest

The World Economy and the Logic of Economic (Under-) Development

1615 words - 7 pages Review Essay Global Political Economy The World Economy and the Logic of Economic (Under-) Development Table of content 1 Table of Content Introduction Summary Critical Discussion Conclusion Reference 3 3 4 5 6 Based on the following three articles: · Immanuel Wallerstein, „The Rise and Future Demise of the World Capitalist System“, Comparative Studies in Society and History 16 (1974), pp. 387-415. · Jagdish Bhagwati, „Free

Unethical Mortgage Lending and the Collapse of the American Economy

1494 words - 6 pages Shawn Mutchler Clara Gerl Comp I 01 September 2013 Unethical Mortgage Lending and the Collapse of the American Economy Living in an era of economic uncertainty is an abysmal proposition that many of us thought improbable. However, we find ourselves in the midst of the worst financial quagmire since the Great Depression of the 1920’s. Across the United States, businesses are down-sizing and even closing the doors of peripheral branches. In

Economic Growth- The Way U.S. Economy Works And Grows

1591 words - 7 pages Economic Growth is defined as the way that the real income of an economy increases over time. This generally signifies that the economy is wealthier and producing more, individuals are better off, and that living standards are higher. A more technical definition would go into the way that Economic Growth is measured usually in terms of the Gross Domestic Product (GDP) the sum total of the value of a country's output over the course of a year

Tourism: Impacts on the Economy and Eco System

2129 words - 9 pages Caribbean History and Culture March 17, 2013 Tourism: Impacts on the Economy and Eco-System How is Caribbean tourism negative for their economy? How does tourism negatively impact ecology? Those are the questions I ask myself, is tourism tearing apart the Caribbean? In some ways there are both positive and negative impacts of tourism on the economy and ecology of the Caribbean. The reason this topic is worth being thoroughly

Illegal Immigration and Its Impact on the Economy

1023 words - 5 pages Illegal immigration and its impact on the Economy Illegal immigration can be defined as people voluntarily migrating to another country, defying the country’s immigration laws and regulation. When it comes to United States it is home to more than 12 million illegal people (DHS 2005). Illegal immigration is a source of political issue and is heavily debated on the floor. Illegal immigration is not just only a political issue it has direct

Airbnb, Uber and Legal Problems with the Digital-Sharing Economy

1244 words - 5 pages Airbnb,Uber and legal problems with the digital-sharing economy • Airbnb’s legal issues Airbnb provides an online platform to allow individuals to rent out their homes, rooms or apartments to visitors. While this is not in itself illegal, in many cases the rentals advertised on the site fall foul of local housing laws and regulations. For example, in New York owners or tenants cannot legally rent their apartments out for short periods

Discuss the Role and Impact of Tncs in the Global Economy

1082 words - 5 pages Discuss the role and impacts of TNC’s in the global economy. (40 marks) Transnational Corporations (TNC’s) play a large role in the development of the global economy, through the sharing of research, trade and technological advances between the different countries. They also play a big part in increasing the interconnection in the world’s economic, cultural and political systems, otherwise known as globalisation. Nevertheless there are both

The Case For A Possible Brexit And Its Impact On The Uk Economy

1599 words - 7 pages The case for a possible Brexit and its impact on the UK economy is one that has been widely discussed over the years, given the significant economic effects it imposes on both parties involved. The UK taking up its membership into the EU in 1973 following its establishment in 1967 enabled vast benefits of free trade to be shared amongst members of this trading bloc. However, over a quarterly time series from 1999 to 2014 the UK has been noted to

Related Essays

Marijuana Impacts Lives Of Consumers And The Economy

1236 words - 5 pages MARIJUANA IMPACTS LIVES OF CONSUMERS AND THE ECONOMY The use of illegal drugs within a country has greatly impacted the living standard of people. According to Buddy T. (2014), he stated that “Marijuana or cannabis comes from a herb plant and can appear as brown, green or gray in a mixture of dried, shredded leaves, stems, seed and flowers”. It is classified as an illegal drug meaning it is not allowed to be sold, grown or even produced

The History Of Marijuana And Medical Marijuana

1713 words - 7 pages The history of marijuana and medical benefits Dona Rudd COM/172 March 20, 2012 Russell Murphy The history of marijuana and medical benefits Although possessing marijuana is a federal offense pending, some states allow the use of marijuana for medicinal purposes, generating revenue for the states. There are 16 states’ and Washington DC, in which marijuana is being, used for medicinal purposes and not break any laws

Markets And The Economy Essay

1576 words - 7 pages Markets and Economy rinciples of Economics – ECO100 March 6, 2011 Markets and the Economy Budget Deficits Each problem should have four clearly defined sections. The first section should contain essentially a statement of the problem. For example, “The economic way of thinking can shed some light on possible solutions to alcohol abuse. This paper will propose two policy options designed to reduce abuse

Lincoln And The Economy Essay

1132 words - 5 pages strategic Lincoln. It showed me the incredible preparation he had to go through in order to make this work. My final opinion on Lincoln was he did what he did at the exact moment he did them for multiple different reasons. This wasn’t a simple “it will free the slaves” decision, it had many different effects on the war, economy, and geopolitically. Our nation wouldn’t be the same without the planning of Lincoln’s emancipation proclamation. This