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Planet Money Summer School

Intro Econ 3: Profit & Cocaine

Jul 23, 2020
27:58

Podcast summary created with Snipd AI

Quick takeaways

  • Making drugs illegal drives up prices significantly due to addictive nature, not deterring demand.
  • Involvement in illicit drug trade incurs high costs and criminal activities, posing ethical dilemmas.

Deep dives

Economics of Illegal Drugs

The episode delved into the economic aspects of illegal drugs by exploring the concept that making drugs illegal drives up prices significantly which doesn't deter demand due to the highly addictive nature of substances like crack. The episode features interactions with Freeway Rick Ross, a former drug dealer, who shared insights into the inflated pricing mechanisms and the consequential criminal activities associated with the drug trade.

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