audioecon   Smart listening for students of economics

Link: http://www.npr.org/blogs/money/2010/01/podcast_an_economist_gets_ston.html

Summary: Interview with economist Jeffrey Miron of the market for illegal drugs and the economic impact of ‘legalizing’ marijuana through implementation of medical marijuana laws at the state level.

Original Air Date: January 27, 2010

Length 19:03

Main story content begins: 0:00 (Planet Money indicator discusses contribution of marijuana to California economy)

Class Discussion Question: Discuss the conclusions reached in the podcast about the interaction of the elasticity of drugs and drug legalization. What impact do you think this would have on, for example, the marijuana industry when states legalize this product?

Written Assignment Prompt: Marijuana is California’s largest cash crop, with about 1,000 stores selling pot in LA alone.  Predict the supply and demand of marijuana for Los Angeles that would come with the legalization of the drug.