Druglink article 1993 – The welfare economics of law reform by Andrew Clark

An economist weighs up the pros and cons of legalisation. The welfare impact of legalising prohibited drugs would be a combination of the impact on the enjoyment of drug use, harm from drugs and from the illegal market, drug-related crime, and tax revenues. Economic methods can be used to integrate these effects into a single measure of welfare impact.

The welfare economics of law reform (PDF)