From npr's Planet Money comes this podcast of Harvard economist, Jeffrey Miron, talking about what happens when drugs move from the black market to the open market. Do they get 100 times cheaper? Or instead, more expensive? Miron talks about the economics of prohibition, and reveals his drug of choice (which is legal) and one he would like to try (which is not).
The discussion is based on Miron's paper The Effect of Marijuana Decriminalization on the Budgets of Massachusetts Governments, With a Discussion of Decriminalization’s Effect on Marijuana Use An Update of Miron (2002a).