Showing posts with label markets. Show all posts
Showing posts with label markets. Show all posts

Thursday, 17 October 2024

Hard Drugs Have Become Too Dangerous Not To Legalise

Republished on my substack

Drug overdose deaths have more than doubled in America in the past 10 years, mainly due to the appearance of Fentanyl and other synthetic opioids. These drugs combine incredible ease of manufacture with potency in tiny amounts and dangerousness (the tiniest miscalculation in dosage makes them deadly).

This continues a general and no longer surprising trend. The global war on drugs has produced a strong selection effect for drugs which are easy to manufacture and smuggle but at the cost of being much more dangerous for consumers. There is no reason to expect this trend to alter. Moreover, Fentanyl leaks – it appears as an additive in all sorts of other illegally bought drugs, like Xanax, surprising and killing consumers who had no idea what they were getting.

The best thing we can do about this – and hence the right thing to do – is to legalise all hard drugs so that consumers have a real choice about the dangers they subject themselves to.

Wednesday, 18 August 2021

The Moral Case for Guest Worker Programmes

The United Arab Emirates is a small but rich rich country with a million or so citizens and nearly 9 times as many foreign migrants, mostly from poor Asian and Arab countries. In 2019 remittances home from these guest workers amounted to $45 billion (12% of GDP). In comparison, total overseas aid from rich countries in 2019 was $145 billion (an average of 0.3% of donors' national income). 

Another way of putting this is that one small country's entirely self-interested transactional relationship with the poor world is responsible for transferring 30% as much wealth as all the high minded moral principles of the whole world turn out to be worth. The lesson I draw from this astonishing statistic is that anyone who really cares about reducing global poverty should be looking at how to make more countries like the UAE, not vice versa.

Saturday, 26 December 2020

Transform Selfishness into a Public Benefit: Sell Some of the Covid Vaccine to the Highest Bidders

Of the Corona vaccine doses available each week, 1% should be auctioned off to the highest bidders and the money given to to humanitarian charities like the Red Cross and Salvation Army. This will ensure that the limited amount of vaccine we now have will achieve the most good. Perhaps more surprisingly, it will also be fairer.