It’s terrific to see journalists doing investigative work to dig out interesting numbers. Two recent examples.
- On the weekend, Michael Duffy (not, not that one) estimated for the SMH that Australian drug prohibition costs A$4.7 billion annually. Although it’s in line with Jeffrey Miron’s estimates for the US, my guess is that this is a tad high, since it doesn’t take into account the decline in participation and productivity that would be likely to accompany higher usage rates of hard drugs such as heroin.
- In the NYT, Tara Bernard and Ron Lieber estimate the lifetime cost of being gay at US$41,196-$467,562 per couple. However, this omits the impact on earnings (from career choice and discrimination), which US studies find to be negative for gay men, and positive for lesbian women.