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Summary: Why Legalizing Marijuana Should Be Good For The Economy

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Summary: Why Legalizing Marijuana Should Be Good For The Economy
Why Legalizing Marijuana Be Good For the Economy
Robert E Schmoll
Northcentral Technical College, Economics

Abstract
This report will investigate whether legalizing marijuana would be good for our current economy. In this paper you will read varying opinions from five different sources on why this change would benefit the economy. Harry Bradford of the Huffington Post (11/07/2012) discusses the topic of Washington and Colorado as the first two states to legalize marijuana, and its potential effect on their economy. Also included a “question and answer” article from investigative journalist Douglas Fine (the author of Too High to Fail: Cannabis and the New Green Economic Revolution (Gotham)), who has created a book on his own experience investigating why legalization would boost the economy. Another source will be Tracy Oppenheimer (Pot Economics, December 2012) who sat down with Douglas Fine to talk to him about his experience. The three articles will vary, yet they will all come to the same conclusion. I will examine and summarize each article so you are able …show more content…
New York Post writer Ccampanile in his article, NY’s Rx-pot pushers: Yes, we cannabis! (2012), says that the legalization of pot in Colorado has created 8,000 direct jobs and 12,000 indirect jobs from the 400 licensed marijuana clinics (for sales of medical marijuana). He states the pot industry in Colorado is heavily regulated and is worth around $1.5 billion. He goes on to estimate the state of New York could generate $1 billion if it followed suit. We can get a better understanding on the impact by comparing marijuana to the U.S. beverage alcohol industry. Kelly Phillips Erb in her article, Stirring the Pot: Could Legalizing Marijuana save the Economy (2012), compares the numbers and estimates that the alcohol industry generated $91 billion in wages and only 3.9 million jobs for U.S.
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