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With all due respect to the Nobel Laureate, it would appear to me as though he has gotten himself so caught up in his advanced theories that he has lost sight of the basic tennant of economics - the law of supply and demand. It happens quite frequently in academics.

I think if you knew much about Milton Friedman you would suspect more that you had not followed his arguments and less that he had forgotten the law of supply and demand.

You ought to know that during prohibition, alcohol was made in bathtubs in private homes, illegally, for illegal sale. The process was a bit rough, and a fair amount of Methanol would be present along with the desired Ethanol product. The methanol was actually harmful to those who drank it, if I recall correctly it blinded many people.

Since prohibition was lifted, there is effectively NO alcoholic beverage contaminated with methanol for sale anywhere in the United States.

Which seems more likely:
1) EVERYBODY involved in alcohol production and consumption in the United States does not understand the laws of supply and demand?
-0r-
2) That when significant forces in the market are shifted, signficant changes in the available supply to meet the demand are generated?

*****

Products disappear all the time in response to shifts in the economics of production. Where is the analog oscilloscope? Where is the slide rule? Where is the bathtub gin with the methanol in it? Where is the back alley abortion? Where is the carburetor? Where is the solid rubber automobile tire?

I think it is plausible that were drugs legal, there would be effectively NO PCP use, no glue sniffing, and I don't know what else because I really do not know my drugs all that well. But the use of stupid dangerous drugs seems plausibly created by supply shortages of much safer and higher quality drugs induced by their illegality.
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