It is the second half of his article that troubles me as it is entirely premised on this little nugget:
"Every schoolchild economist knows demand will always attract supply."
Jenkins thinks he's really bloody clever but his little "basic law", as the blurb at the beginning of the article calls it, is clearly untrue. Consider this example:

I would love to own a talking taco that craps ice cream. There is clearly demand for such a product and yet I've never found a supplier. That's because it is impossible to produce. Similarly my demand for going into space is unlikely to be sated any time soon. It cannot be provided at a price I can afford to pay.
Now, drug demand will usually be relatively inelastic, it will only fall slowly with rising prices, because addiction makes addicts willing to absord quite a high increase in price, they'll steal if they need to. Still, the idea that it is impossible to seriously reduce the quantity of something bought and sold through increasing the cost of supply alone is obviously wrong. If we make using heroin as expensive as going to space then people won't be able to afford it and heroin addiction will plummet.
The important question is, therefore, whether it is practicable to increase the price enough that heroin users start giving up. Understanding that question requires the kind of hard analysis that simplistic and arrogant statements like Jenkins' are designed to avoid.
Cross-posted from CiF Watcher.






They just beg for someone to answer the "Why not walk it?" tagline with "You might as well given the state of the Tube."



This shows that the United Kingdom has the largest range of any EU country. Of course, a range is only so instructive, it would be nice to see the variance. I bet the UK would be at or near the top of that table as well though.




