by Edward Stringham*
Don Boudreaux is a great economist and a consistent defender of letting individuals make economic choices for themselves. Yet I would take a different approach than his recent post that defends drug legalization by criticizing alcohol.
Here Boudreaux appears to have paid too much time listening to the prohibitionists, and missed “No Booze? You May Lose” coauthored by me and Bethany Peters for the Journal of Labor Research. The article, which was mentioned in numerous outlets from Time to Maxim, found that social drinkers earn significantly more than otherwise similar non-drinkers. If one’s measure of success in life includes superior labor market outcomes then drinking should be viewed as a positive rather than a negative.
*Edward Stringham, Hackley Endowed Professor for the Study of Capitalism and Free Enterprise, Fayetteville State University.