The legalization of marijuana for recreational use in 22 US states has been a topic of debate for years. A recent study conducted by the Norwegian School of Economics (NHH) found that the legalization of cannabis has led to a decrease in crime rates and violent acts. However, the National Bureau of Economic Research (NBER) has now investigated the impact of marijuana legalization on wages and employment in the US. The study, conducted by four economics professors from the San Diego State University and the Bentley University, found that there is little evidence to suggest that the legalization of cannabis has reduced employment or wages for working-age individuals.
Critics of marijuana legalization have argued that it would harm the productivity of the economy and the well-being of workers. However, the study found that the legalization of marijuana has led to a modest increase in employment and wages for people over 30 years old, those working in agriculture, and younger members of ethnic minorities. The study also supports the legalization of marijuana as a substitute for harder substances like opioids, particularly for older individuals.
Currently, over 158 million people live in the 22 states where marijuana has been legalized, and approximately half a million people work in state-licensed cannabis companies. The cannabis industry is expected to grow significantly, with BDSA, a cannabis data company, projecting a revenue of around $40 billion in the US by 2026. However, the long-term impact of legalization on the job market is difficult to predict, according to the NBER study. Nonetheless, positive results are expected.
In conclusion, the legalization of marijuana for recreational use has had a positive impact on crime rates and violent acts, according to the NHH study. The NBER study found that the legalization of marijuana has not reduced employment or wages for working-age individuals, and has even led to a modest increase in employment and wages for certain groups. The cannabis industry is expected to continue growing, but the long-term impact on the job market remains uncertain.
